Companies without cyber insurance could be making a costly mistake [Business Insider]
International Business Machines Corporation (IBM)
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Source: Business Insider
This story is part of " Security Playbook ," a series detailing cybersecurity advice and strategies. Cyberattacks happen every day , and any company that relies on technology to conduct business is at risk. But one way leaders can minimize the impact of losses from a cybersecurity incident is by getting cyber insurance. "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." Cyber insurance helps organizations recover the costs of a cybersecurity incident, the global average of which IBM estimates is about $4.9 million . Engstrom told Business Insider that these expenses might include shutting down production lines, computer systems, or other operations, as well as the fallout of customer information being released. "If something bad happens — there's a data breach or ransomware attack — and it costs you a lot of money, you h
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