EP125: Time to log into cyber insurance

As personal and corporate lives increasingly move online, cyber risk has overtaken physical risk as a major threat. Cyber attacks can damage identities, operations and reputations at unprecedented speed and scale. While security patches address known vulnerabilities, attackers often stay ahead, making it impossible to eliminate all risks. As a result, cyber security insurance is emerging as a critical financial safeguard.Organizations face threats such as phishing, malware, DDoS, social engineering and data breaches, which can lead to productivity losses, remediation costs, regulatory fines, lawsuits, revenue loss and long-term reputational damage. High-profile banking incidents highlight the scale of exposure, driving rapid growth in cyber insurance, with the global market expected to exceed $20 billion by 2025.Selecting cyber insurance requires board-level collaboration among the CIO, CRO and CFO, careful assessment of coverage, and alignment with the organization's risk profile. Insurers also evaluate IT maturity, governance, controls and employee awareness before underwriting coverage.