As the cyber threat landscape evolves, organizations need comprehensive strategies for recovery after incidents. Cyber insurance has become integral to these strategies, as discussed by Nick Kathmann, CISO at LogicGate. He compares cyber insurance to car insurance, noting that it offers financial remedies for organizations facing cyberattacks and can include coverage for operational resilience. However, the effectiveness of the insurance is tied to the specific policy and the organizational precautions that are taken to mitigate cyber risks.
Organizations must have a recovery plan in case of a cyber incident, and cyber insurance plays a critical role in that plan.
Cyber insurance offers organizations financial remedies against cyberattacks much like car insurance does for vehicles, covering operational resilience in the process.
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