Microsoft/CrowdStrike outages reaffirm demand for cyber cat protection

Firms need insurance against ransomware and extortion, and new capacity is coming to market as cyber risks climb

Recent outages at Microsoft and CrowdStrike illustrate the increasing risks of cyberattacks and the need for businesses to have cyber cat protection in place.

Cyber cat protection is insurance that protects businesses from the financial losses that can result from a cyberattack, such as ransomware attacks, data breaches, and business interruption.

The demand for cyber cat protection is growing

The demand for cyber cat protection is growing as businesses become more aware of the risks of cyberattacks and the potential financial losses that can result from them.

A recent study by Marsh found that 68% of businesses are concerned about the risk of a cyberattack, and 42% have already purchased cyber cat protection.

New capacity is coming to market

The increasing demand for cyber cat protection is attracting new capacity to the market, with several new insurers and reinsurers launching products in recent months.

This new capacity is expected to make cyber cat protection more affordable and accessible for businesses of all sizes.

Cyber cat protection is an essential part of a business’s cybersecurity strategy. By purchasing cyber cat protection, businesses can protect themselves from the financial losses that can result from a cyberattack.

Here are some of the benefits of cyber cat protection:

• Protects businesses from the financial losses that can result from a cyberattack
• Provides coverage for a variety of cyber risks, including ransomware attacks, data breaches, and business interruption
• Can help businesses recover from a cyberattack and get back to business as usual
• Can provide peace of mind for business owners and executives, knowing that they are protected from the financial consequences of a cyberattack

If you are a business owner or executive, you should consider purchasing cyber cat protection. It is an essential part of a business’s cybersecurity strategy and can help protect your business from the financial losses that can result from a cyberattack.