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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.
Recently, while co-hosting a webinar that kicked off Cybersecurity Awareness Month, a panelist commented that cybersecurity and privacy are team sports on a campus, much like our athletic teams. We’ve heard from campuses that haven’t widely implemented MFA yet that their cyber liability insurance providers are now requiring it.
I figured they [the school district] had firewalls and things of that nature. 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.
Some can’t afford not to pay, and some are covered by cyberinsurance. Should I get a ransomware cyberinsurance policy? Many organizations have used cyberinsurance to recover from ransomware attacks. Watch the Webinar Ransomware simulation In this section, learn about ransomware attack simulation.
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