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Browsing: Cyber Recovery Costs Soar 50 per cent in 2024
- Cyber recovery costs have over the past one year increased to $2.73 million.
- The survey included responses from 5,000 IT and cybersecurity leaders in 14 countries, covering organisations with 100 to 5,000 employees
- Only 1 per cent of claimants said their insurance covered all costs
According to a new report by online security solutions provider Sophos, the recovery costs from cyber-attacks have outpaced insurance coverage.
The survey titled “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” shows that recovery costs from cyber-attacks are outpacing insurance coverage with only one percent of those that made a claim saying that their carrier funded 100 percent of the costs incurred.
The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit.
According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by …