Doing its Job: Large Majority of Cyber Losses Covered by Insurance, Says Willis

A recent report by Willis, a WTW business, reveals that a vast majority of average data breach losses and first-party cyber incidents are effectively covered by insurance, with over 95% and 90% coverage respectively. This indicates that the cyber insurance market is performing well in mitigating the financial impact of these increasingly common threats. Such insights are crucial for businesses navigating the growing risks of cyber attacks, ensuring they have the necessary protections in place to manage potential losses.