Mandatory protections, higher premiums and continued growth -- cyber insurance predictions for 2024

The high costs, both financial and reputational, of dealing with a cyberattack along with tighter regulations that means attacks must be reported have meant that many more organizations are seeking to protect themselves with cyber insurance. This is still a relatively new and developing field, so what do industry experts think we'll see in the cyber insurance market in 2024? David Bennett, CEO of backup company Object First, thinks that immutable backups will be a requirement for companies covered by cyber insurance. 'Cyber insurance underwriters will bring reality to the market. The average ransomware demand increased by 74 percent this… [Continue Reading]