Cybersecurity solutions firm, Sophos, in its ‘Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders’ survey, said 76 per cent of companies improved their cyber defence as they battled attacks from hackers.
But the survey revealed that recovery costs from cyberattacks are outpacing insurance coverage. It noted that only one per cent of those who made a claim said that their carrier funded 100 per cent of the costs incurred while remediating the incident. According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by 50 per cent over the last year, reaching $2.73 million on average.
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