What challenges do insurers face in providing coverage for state-sponsored cyberattacks, and how can businesses navigate this issue?
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Questions & Answers Board – CyberSecurity
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What challenges do insurers face in providing coverage for state-sponsored cyberattacks, and how can businesses navigate this issue?
Insurers face challenges in providing coverage for state-sponsored cyberattacks due to the difficulty in assessing and quantifying the risks associated with such attacks, the potential for large-scale and highly sophisticated attacks, and the uncertain legal and regulatory environment surrounding cyber insurance.
Businesses can navigate this issue by conducting thorough risk assessments to understand their exposure to cyber threats, negotiating with insurers to tailor coverage that specifically addresses state-sponsored attacks, considering alternative risk management strategies such as risk mitigation and transfer, and staying informed about the evolving landscape of cyber threats and insurance options.