Cyber insurance policies usually cover losses like fines, lawsuits and breach containment, they often leave out damages for losses caused by churn, loss of intellectual property and lost productivity, leading companies to underestimate their cyber risks. Credit: the_lightwriter/Adobe Stock
Some 80% of companies that had a data breach did not have enough cyber insurance to fully cover the event, according to a study by cybersecurity platform Cyesec Ltd.
The average coverage gap was 350%, meaning more than three-quarters of the cyberattack was not covered, Cyesec reported. The cost of the uncovered losses was $27.3 million and some organization's coverage gaps were as large as 3,000%.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
