Organizations struggle to protect operational technology and are therefore hacked.
With cyber attacks Increasing in frequency and severity, demand for cyber insurance coverage is skyrocketing as businesses hope to minimize losses from attacks.
According fitch reviewscyber insurance is the fastest growing product segment in the U.S. property and casualty insurance market, driven by a sharp increase in cyber incidents, especially ransomware, which has led to an increase in the number of claims and the severity of the losses over the past two years.
Cyber insurance typically covers a company’s liability for a data breach involving sensitive customer information, such as social security numbers, credit card numbers, account numbers, license numbers driving and medical records. However, it can be difficult to get coverage and premiums increase.
In this week’s Gately report, we cover all things cyber insurance with Jon Siegler, logic gate‘s co-founder and chief product officer. LogicGate helps ensure that organizations have all the security controls needed to achieve cyber assurance.
Cyber insurance coverage isn’t just for tech companies
Channel Futures: Who Needs Cyber Insurance Coverage?
Jon Siegler: Well, I think almost all companies these days are, to some extent, technology companies. And you’re storing sensitive information and often personally identifiable information, which, especially in the United States, there are now myriad laws in place in different states that put businesses at risk in the event of a data breach. Obviously, the companies where this is most important are usually technology companies, because you often deal with a lot of information and a lot of data that you store, especially of a personal nature, as well as sensitive information.
Even if you don’t consider yourself a technology company, you probably have personal information and sensitive customer information that you store somewhere, even if it’s only through your email. Let’s say you send something to the wrong customer. It’s still technically a data breach and every business uses email today. So I think that puts things into perspective for a lot of companies.
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