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Is your cyber insurance enough?

Erich Kron (erichk@knowbe4.com) is a security awareness advocate at KnowBe4 in Tampa, Florida, USA.

Let’s talk for a moment about the exciting world of cyber insurance. Well, I suppose it’s not really that exciting until things go wrong, but it does need some discussion given the recent events around the ransomware industry.

Cyber insurance has never been more important in an organization’s survival strategy than it is now, but things have potentially changed for the worse in the last few months. Purchasing cyber insurance was finally becoming less difficult as precedents were set and costs were becoming more predictable with respect to ransomware and data disclosure cases. Due to this refinement, it has been far easier to figure out how much coverage was needed to recover from an event, whether it was ransomware or a data breach.

That has all changed with the new trend in ransomware infections: data exfiltration.

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