Businesses Boost Cybersecurity for Insurance Discounts, Not Safety
Businesses are only investing in cybersecurity to score better insurance premiums, according to new research by Sophos. While 97% of organizations with cyber insurance have improved their defenses, the motivation is more about current benefits than future safety.
Hot Take:
So, businesses are treating cybersecurity like a coupon-clipping hobby? Great, next they’ll be defending against ransomware with expired yogurt coupons and Buy-One-Get-One-Free firewall policies. Who knew insurance premiums could be the ultimate motivator!
Key Points:
- Companies are improving cybersecurity mainly to get better insurance premiums.
- 97% of organizations with cyber insurance have invested in better defenses.
- Recovery costs from cyberattacks often surpass insurance coverage limits.
- Ransomware recovery costs have surged by 50%, now averaging $2.73 million.
- Only 54% of UK organizations have standalone cyber insurance policies.
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