Insurance is a necessary expense and part of the cost of doing business. The goal is to keep the expense low, while having the best protection should the worst occur. But odds are not in your favor. Cyber insurance companies provide a financial safety net, but it is important to note that insurance policies may not cover the full cost of an attack, such as overtime, travel and expenses, and software/hardware vendor services to name a few. As attacks become more frequent and costly, it behooves organizations to partner with the right cyber insurer and technology solutions provider to map out a resiliency and business continuity strategy that can help better manage risk.
