two years to stabilize because claims are only now starting to come in as a result of increased cybercrimes and policies being written for smaller businesses. In reality, only the few major breaches become headlines, not the many minor ones. Yusuf said, “A $10,000 loss is not newsworthy”.
According to IBM Security’s 2020 data breach cost report, 51% of organizations with cyber insurance have utilized claims to take care of the expense of outsider consulting and legitimate services, while 36% of organizations covered the cost of compensation to victims. However, only 10% of organizations with cyber insurance utilized claims to take care of the expenses of ransomware or theft.
Yusuf said that large companies can hire security officers and lawyers to review complex policies. He said that the main problem is developing policies for smaller businesses that work online but have no security from online criminals, for instance, a neighborhood coffee shop or a carpenter.
He said that business owners should put themselves in the shoes of…
