An increase in cyber attacks and claims is challenging for the cyber insurance business. Insurers have made changes in response: narrowing the parameters for coverage, increasing prices, and introducing new requirements for cover.
In late December last year, Mario Greco, the chief executive of insurance giant Zurich sent shockwaves through the business world when he announced that cyberattacks are set to become uninsurable. Cyber insurance providers are left with no choice but to tighten their policies, or risk going bankrupt.
Boom in cyber insurance market is no surprise with high-profile data breaches happening one after another. Do companies really understand what they are covered for?
The three top goals of most every organization are security, cyber resilience, and profitability. When an organization partners cyber resilience with the business, the result is a more secure and profitable institution.
Given a shortage of skilled cyber security manpower, one of the most attractive alternatives may be cyber security automation. In a new report from McAfee, 81% of those surveyed said they would be more successful in their jobs and have more time to focus on higher value-added tasks if they had greater automation.
Security awareness trainings and regular cyber attack simulations can help build a solid cyber security culture that stretches to every corner of the company.
Cyber threats are inevitable in today’s technologically driven world. While businesses are dependent on technology to grow, it’s also important to learn how to protect it from cyber attacks.
The popularity of online gaming surged during the COVID-19 pandemic—and so did cyberattacks against gamers with 5.8 million attacks detected over the past year. Cybercriminals are becoming experts in deception which makes them increasingly difficult to detect.
The Russia-Ukraine conflict has seen cyber warfare enter the mainstream and the risk of spill-over into unrelated businesses remains a possibility. Businesses should review their existing backup and recovery strategies and cyber incident response plans or they risk getting caught in the cyber crossfire.
There is still a gap between the need and resources available to solve the cybersecurity problem. Training the existing workforce solves part of the problem, but long term, the solution lies with the younger generation.
