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CYE Study Unveils Average Cyber Breach Insurance Coverage Gap is 350%, Amounting to $27.3M Average Uncovered LossFindings show accurate cyber risk quantification is crucial for organizations to better understand the potential financial consequences of cyber breaches TEL AVIV, Israel, April 17, 2024 /PRNewswire/ -- CYE, the industry leader in cybersecurity optimization platforms, today released its Inadequacies in Breach Insurance Coverage: A Data-Driven Gap Analysis study. This report delves into the depths of cyber risk management, unearthing the critical insurance coverage gaps that threaten organizational stability in the wake of cyberattacks. In an era where digital threats loom larger than ever, businesses are increasingly turning to cyber insurance as a safeguard against the financial ravages of data breaches. Yet CYE's recent study leveraging external and internal datasets reveals a stark reality: the protection afforded by such insurance may fall significantly short of the actual costs incurred during cyber incidents. Specifically, CYE found that:
The study concludes there's a pressing need for more accurate cyber risk quantification so that organizations can prepare for possible cyberattacks with their eyes open. Performing accurate CRQ assessments not only provides a more realistic estimate of damages, but also enables optimal mitigation planning and cyber budgets with high ROI, allowing organizations to avoid breaches altogether. Download the full report here. Please visit CYE at booth 5173 at the RSA Conference in San Francisco next month, where they will showcase their cutting-edge cyber risk quantification solution and engage in key industry discussions. Methodology Drawing from an extensive pool of internal and external data breaches recorded in CYE's dataset, this study analyzed a total of 101 incidents across various sectors containing breach coverage figures. The focus sharpened on sectors notably vulnerable to cyber threats: finance and insurance, manufacturing, and information. Through meticulous examination, the analysis revealed the disparities between insured and uninsured exposures, offering unprecedented insights into the financial aftermath of cyber incidents. About CYE CYE's optimized cyber risk quantification platform and expert guidance transform the way organizations manage cybersecurity. Using AI, machine learning, and extensive data, CYE visualizes attack routes, quantifies cyber risk, provides evidence-based mitigation plans, improves communication between CISOs and executives, and matures organizational cybersecurity posture. In doing so, CYE provides clear and relevant insights that empower companies to make effective cybersecurity decisions. The company serves organizations in multiple industries globally. Founded in 2012, with headquarters in Israel and operations around the world, CYE is funded by EQT and 83North. Visit us at cyesec.com. Media contact: View original content:https://www.prnewswire.com/news-releases/cye-study-unveils-average-cyber-breach-insurance-coverage-gap-is-350-amounting-to-27-3m-average-uncovered-loss-302119262.html SOURCE CYE |