Rethinking cyber insurance | ITProPortal

The 2021 annual UK Cyber Security Breaches survey showed the risk of cyber breaches over the past year is potentially higher than ever, which should come as no surprise due to the rise of hybrid and home working and its impact on IT security. As a result, there has been a corresponding increase in UK businesses taking out a cybersecurity insurance policy: 43 percent, up from 32 percent last year. 

Last year, cyber-attacks cost companies an average of £8,460, whereas an insurance policy may cost a few hundred pounds each year. Looking at these figures from a financial perspective, it would make sense to take out a policy. However, it’s not as straightforward as it seems. There are sustainability and ethical questions around cyber insurance, specifically regarding ransomware, as well as other considerations.

Sustainability issues 

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