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In its modern iteration, cyber liability insurance mitigates the losses and business costs associated with cyber incidents and resulting downtime. CyberCube, a company specializing in quantifying cyber risk, estimates that the U.S. standalone cyberinsurance market could reach $45 billion in premiums by 2034.
The state of cyber liability insurance The topic of cyber liability insurance is full of datapoints, statistics and graphs all showing upward trajectories. What are you doing about backups? For more on this take a look at our guide: How CyberInsurance Can Be a Lifeline in Today’s Evolving Threat Landscape.
They followed the FBI’s advice to not pay the hackers and restored their system from backups they had kept for such an emergency. The school district’s cyberinsurance provided free credit monitoring, but many parents were still puzzled by how to report the problem and what steps they should take next to protect their children.
Hunt and destroy or encrypt backups hosted in local and cloud networks as well as virtual machine snapshots. Some can’t afford not to pay, and some are covered by cyberinsurance. Protect your backup systems. Does backup protect against ransomware? That’s why off-site backups are critically important for recovery.
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