Page 48 - Cyber Defense eMagazine Special RSA Conference Annual Edition for 2022
P. 48
Why Are Cyber Insurance Premiums Going
Up, And How Can You Get a Better Deal?
By Jamie Wilson, MD & Founder, Cryptoloc Technology Group
It may not have attracted as much attention as the coronavirus, but ransomware has become a pandemic
unto itself – and it’s sending the price of cyber insurance skyrocketing. Here’s what you can do to keep
your premiums as low as possible.
Cyber insurance is a relatively new addition to the insurance market that helps to protect organisations
from the fallout of being hacked and is typically available to cover:
• Costs related to the loss of or damage to data
• Content-related claims related to data
• Costs to prevent future breaches
• Fines and penalties imposed by regulators
• Public relations costs
• Liability for denial of service from or access to electronically provided data
• Costs associated with cyber extortion reimbursement
• Compensation to third parties for failure to protect their data
48
