In the face of that situation, affected companies may rush to reach out to their IT teams, police, crisis PR, lawyers and law enforcement. But, frequently, one of the first calls is to their insurance provider.
Companies often purchase specific cyber insurance plans to help protect their systems and cover any losses from a cyberattack. And ransomware, which allows hackers to take over computer systems (or even physical infrastructure) and extract fees running into the millions of dollars to unblock them, has only boosted the demand for that insurance.
But this lifeline may also be getting…
