Cyberthreats and ransomware attacks can be crippling for public sector organizations. The cost of ransomware attacks in government often runs into the millions of dollars, which mostly stems from downtime and recovery (or in some cases, paying the ransom). A Sophos’ 2023 “State of Ransomware” report noted that in 2023 the K-12 education sector has seen the highest ransomware attack rate of any industry, with 80% of schools reporting a ransomware attack.

Cyber insurance is emerging as an add-on that provides another layer of protection to cybersecurity procedures. As demand for coverage increases, it is rapidly becoming one of the main concerns of MSPs and IT executives from businesses of all types.

The latest cyber claims report from Coalition, a digital risk insurance provider, finds a 12% increase in cyber insurance claims in the first half of 2023 over the second half of 2022, due to surging attack frequency and severity. No industry or company size is immune as the increase was seen across all organizations, however companies with $100 million in revenue saw the largest increase in number of claims (+20%), as well as staggering losses resulting from attacks (+72%).

Jeremy King is a partner at Olshan Frome Wolosky. He wrote an article for Bloomberg where he analyzed cyber risk management issues that companies should prioritize in response to new SEC reporting requirements for cybersecurity incidents and threats. Here is a quick summary and I suggest you send the link to your InfoSec budget holder so that they can assess the importance. Ransomware is a big deal these days.

In today’s digital age, where businesses rely heavily on technology and data, the risk of cyberattacks and data breaches has become a constant concern. These incidents can lead to significant financial losses, damage to a company’s reputation, and even legal liabilities. To mitigate these risks, many businesses turn to cyber liability insurance. But what exactly is the cost of cyber liability insurance, and how do insurers determine it?

Businesses of all sizes are increasingly reliant on technology to conduct their operations efficiently. While technology offers numerous benefits, it also exposes organizations to a growing threat—cyber attacks (or cyberattacks). As the frequency and sophistication of cyber threats continue to rise, businesses are turning to a crucial safeguard: cyber attack insurance.