Self-insurance could be way out of cyber premium spiral
The average cost for rectifying ransomware incidents and data breaches now exceeds £1 million. Cybersecurity premium hikes continue in 2022 according to the latest numbers from Marsh, an insurance broker and risk advisor. Is cyber insurance a commercially viable product? Can the insurance industry actually price the risk? In an open discussion CIOs and IT leaders broadly agreed that cyber insurance is becoming unaffordable, no longer worth the cost, but also that it is a stop gap that should never replace actually doing security. What can we do to mitigate the risks?