Corporate executives should not depend on cybersecurity insurance to provide a safety net, and should instead focus on updating "cobbled together" legacy technology systems, Palo Alto Networks CEO Mark McLaughlin said Monday.
A rash of hacks on U.S. companies over the past two years has prompted insurers to massively increase premiums for some companies, leaving firms that are perceived to be a high risk scrambling, Reuters reported Monday.
On top of rate hikes, insurers are raising deductibles and in some cases limiting the amount of coverage to $100 million, leaving many potentially exposed to big losses from hacks that can cost more than twice that.
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"I think what it means is that ... insurance is not the answer to the security issue," McLaughlin told CNBC's "Squawk on the Street."