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Cyber insurance or self insurance has been the only realistic option available for SMEs to manage cyber risk. As the cost of cybersecurity compliance has invariably been out of reach for most small to medium sized organizations.
With cyber insurance premiums rising, coverage falling and cyber regulation increasing SMEs will have to make a decision as to how to move forward with regulatory compliance. It could be a difficult decision, as on one hand cyber compliance is expensive and on the other cyber regulation is setting down the standards for organizations to comply with cybersecurity risk management. That could invalidate cyber insurance policies if organizations do not comply with cyber regulation.
Regulatory compliance may further complicate the cyber insurance debate.
Ted Dziekanowski
#cyberinsurance #cyberriskmanagement #cyberregulation #sme
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