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How to make sure your cyber insurance pays out

Navigating claims after an attack depends on knowing exactly what was stolen, says Terry Ray, SVP and fellow at Imperva

The growing frequency and severity of cyberattacks over the past decade has seen businesses around the world lose billions of dollars a year and, as a consequence, has created a thriving new market for cyber insurance.

Yet despite being in the business of calculating and pricing risk, insurers have found the tsunami of cyberthreats difficult to handle. Thanks to a proliferation of cybercriminal gangs and discoveries of new systematic vulnerabilities such as Log4j, the cost of cyber insurance has soared. In the UK, the price of premiums rose 102 percent in Q1 and a further 68 percent in Q2 in 2022 alone.

These price hikes mean that, for many businesses, blanket policies to cover all assets are becoming prohibitively expensive, driving new discussions around how to approach cyber insurance.

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