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Understanding the Importance of Investing in Cyber-Insurance

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In the modern climate, with digitized business processes and data migrating to the Cloud, IT security is the biggest challenge organizations face, with a need to defend against data theft and other cyber-crime in an increasingly digital economy.

It’s a sad fact that many businesses, both large and small, will be the subject of a cyber attack. But not all of these attacks are carried out by criminal masterminds. The truth is, data breaches are just as likely to come from someone working within the company who, perhaps unwittingly, has left an opening in the company’s defenses that then makes it easier to breach.

Of all reported data breaches in 2017, the majority were the result of insufficient cybersecurity practices, not brute force.

Just as the expectations that a business will experience a cyber incident are increasing, so too are the costs of recovering from those breaches. As of 2018, the global average cost of a data breach is $3.6 million, or about $141 per stolen data record. 

This whitepaper will:

  • Examine the cyber-insurance space and how to invest wisely
  • Explore PAM and other solutions to keep your corporate data safe 
  • Offer insight into best practice cyber-incident management 
  • Look at proactive steps to setting up clear cyber-incident playbooks 

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