A study by the insurance company Marsh with Microsoft has found that less than two-thirds of company decision makers believe cyber insurance is worth the cost. That’s up 30% since 2019.
Why do we care?
That’s the data point—just the one.
Decision makers are doubting the value of cyber insurance.
I can’t say I’m surprised – costs are going up, it’s a lot harder to get, and for me, the most crucial argument would be that if you’re prepared for the incident, you might not need it.
If you have a specific plan to deal with a breach, which includes the predisposition to tell the criminals to eff off, the plan may assume some level of downtime and have the plan to offset.
Sure, it would be nice to have the insurance payment, but it’s unnecessary. Now, do I believe that two-thirds of companies are ready? No, no, I do not. That said, that seems like a solid position. You don’t need insurance because we have the plan ready to go. This is what that incident will look like and what it will cost.
That seems sensible to me.