Many North American organizations still don’t have cyber insurance, warns a new study, and those that don’t have enough coverage.
Only 55 per cent of the 450 Canadian and U.S. respondents to a survey paid for by BlackBerry and Boston-based Corvus Insurance said they currently have cyber insurance. Another 28 per cent intend to acquire coverage shortly.
However, of those with insurance, over one-third (37 percent) said their organizations aren’t covered for ransomware payments. Forty-three per cent said their firms aren’t covered for auxiliary costs such as court costs and downtime.
Even those with coverage may be insured at too low a limit. Over half (56 per cent) of the…