Monthly Archives: February 2015

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Companies who buy cyber insurance are better prepared against security threats

A study by the US-based Ponemon Institute released last month found that the average US company faced 138 cyber attacks per week, facing $12.7 million in average annualised costs. However, only one third of businesses buy cyber insurance in the US market. 62% of companies that did buy insurance products reported that they were now “better prepared to deal with security threats going forward.” Cyber security and business expert Russ Banham argues in this article that though companies are becoming more aware of cyber security threats to their profits “neither regulations nor top-notch security guarantees a company will not be hacked. Insurance is designed to address such possibilities.”
Read the article in full here:
http://www.washingtonexaminer.com/cyber-insurance-dare-leave-home-without-it/article/2560409