Security News > 2022 > September > With cyber insurance costs increasing, can smaller firms avoid getting priced out?

Cyber insurance is quickly becoming an unavoidable part of doing business as more organizations accept the inevitability of cyber risk.

While other potential disruptions benefit from stable insurance providers with decades or even centuries of practice behind them, cyber insurance is a nascent field that has proven hard to get a handle on.

Accordingly, cyber insurance has become inaccessible for many smaller firms.

While insurance should always be thought of as a final line of defense when everything else has failed, smaller firms will be denied this safety net and be more vulnerable as a result.

How can smaller firms increase their chances of gaining cyber insurance?

The cyber insurance market will likely take some time to work itself out as providers determine how they can best keep up with the fast-moving security landscape and protect their own margins from serious incidents.

News URL

https://www.helpnetsecurity.com/2022/09/08/cyber-insurance-becoming-unavoidable/