Err, cybersecurity insurance as a business model has not worked. I have seen analyst reports showing that there have been multiple large claims that are each individually larger than all premiums ever collected industry wide. Those same reports indicated that all the large cybersecurity insurance vendors were basically no longer issuing policies with significant coverage, capping out at the few million dollar range. Cybersecurity insurance is picking up pennies in front of a steamroller; you wonder why no one else is picking up this free money on the ground until you get crushed.

Note, that is not to say that cybersecurity insurance if fundamentally impossible, just that the current cost structure and risk mitigation structure is untenable and should not be pointed at as evidence of function.