It’s a potentially perilous situation for many companies: While the costs of suffering a targeted cyberattack or breach continue to climb, their ability to insure themselves against a possible cyber disaster dwindles. A new study by BlackBerry and Corvus Insurance confirms a “cyber insurance gap” is growing, with a majority of businesses in North America either uninsured or underinsured against a rising tide of ransomware attacks and other cyber threats.
As part of the study, BlackBerry and Corvus polled 450 IT and cybersecurity decision makers at businesses across the U.S. and Canada. The results reveal an alarming lack of coverage — along with potential causes — and suggest potential measures to help close the gap.
Clearly, something must be done.
A recent Forrester report estimated that a typical data breach would cost the average organization $2.4 million…
