Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new survey from BlackBerry Limited and Corvus Insurance.
The BlackBerry Cyber Insurance Coverage study found 81% of the 450 North American businesses polled had ransomware coverage limits below the 2021 median ransomware demand amount of $600,000. And although just more than half (55%) currently have cyber insurance, another 28% surveyed said “they intend to acquire coverage shortly.”
Small- to medium-sized businesses (SMBs) are especially feeling the heat. Only 14% of businesses under 1,500 employees report having a coverage limit in excess of $600,000, according to the study released Wednesday by Waterloo, Ont.-based BlackBerry and…
