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Businesses not confident cyber insurance will cover cyber risk

Only 19% of the cyber security decision makers are fully confident that cyber insurance will cover their cyber risks in 2023 according to a new research report.

The research report published by CSI cyber solutions company says that less than a third (29%) of the respondents were fully confident that they were compliant with the new stricter terms that insurance companies are now stipulating.

A report about the research published in says the rise of ransomware attacks, and insurance companies paying hundreds of millions in cyber security-related claims each year are being blamed for organisations now facing rising cyber insurance rates, tightening of standards, and limiting coverage. The true cost of ransomware is, however, in fact much more when the cost of downtime and reputational damage is factored in.

CSI chief technology officer Nick Westall said, "Whilst cyber insurance stands as a good option in enabling firms to protect their financial security the tightening of standards means that some companies could find that they are without cover if they are not demonstrating a strong security posture and are attacked.

He said, “Those who are fully confident in their insurance will place a higher importance on the value of these controls to cover their cyber risk in 2023.”



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