The Dark Side of Cyber Insurance: Understanding its Limitations
Introduction As technology advances and more businesses rely on digital infrastructure, the risk of cyber attacks and data breaches has increased exponentially. In response, the demand for cyber insurance has grown significantly. However, while cyber insurance can provide a vital layer of protection, it is essential to understand its limitations. In this blog post, we will explore the limitations of cyber insurance, highlighting what it can and cannot do. According to a report by MarketsandMarkets, the global cyber insurance market is expected to grow from $7.8 billion in 2020 to $20.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.2%. Despite this growth, many organizations remain unaware of the limitations of cyber insurance. A study by Ponemon Institute found that 60% of organizations do not have a clear understanding of what is covered and what is not covered under their cyber insurance policies. ...