1 year ago

Cyberattacks are growing in prevalence and sophistication, and so are the damage costs associated with these events. Provoked by increased data breach damage costs, a growing number of US businesses are partnering with Cybersecurity Insurers, who, in turn, respond to this increased demand by inflating cyber insurance premiums.

As an individual’s health conditions impact their insurance premium, the cybersecurity risks of a business impact cyber insurance premiums.

Conversely, the better a business’s cybersecurity program, the cheaper the cyber insurance premium. The reason is logical; resilient cyber security programs are less likely to be compromised by cyber risks.