"All companies can benefit from having cyber insurance," said Shruti Engstrom, the senior vice president of errors and omissions/cyber at the risk-mitigation company Aon. "This is a risk that's here to stay."
The cyber insurance market is growing, but many companies still lack coverage. Cyber insurance not only minimizes the financial blow of an attack, but also provides crucial expertise and resources.
"If something bad happens - there's a data breach or ransomware attack - and it costs you a lot of money, you have coverage to help with that," Josephine Wolff said.
Insurance also gives companies access to incident-response expertise, such as cybersecurity tools, legal assistance, and ransomware negotiation, according to Stephen Boyer.
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