Should Retailers Purchase Cyber Insurance to Mitigate Ransomware Risk?
According to a recent report, 44 percent of retail organizations suffered ransomware attacks in 2020. And attacks increased in 2021. With the average cost of a single ransomware attack reaching nearly $2 million, many retail businesses have looked to cyber insurance to offset the risk. But the choice of whether or not to purchase cyber insurance requires careful consideration. As the threat landscape changes, insurance companies have also had to change their approach. Cyber insurance can prove costly. And it does not prevent attacks, merely helps recovery. In fact, some experts warn that purchasing this type of insurance can even