There is no surprise that investments in cybersecurity are increasing, as leadership recognizes that protecting their companies from rapidly evolving cyberthreats has become a strategic priority. CISOs and other security leaders must use the full range of cybersecurity resources available to them, and it’s critical to recognize how these resources can complement one another.
Cyber insurance has become popular as companies anticipate the potential financial consequences from a successful cyberattack. While it’s important to plan for this possibility, it’s also vital to focus on prevention. Once a company has already suffered a data breach or some other type of cyber incident, the financial, operational, and reputational costs can be severe and lasting. As with any form of insurance, the hope is that your company won’t need it.
Companies need to work with insurance providers to develop an approach to cyber risk management that is affordable and effective. When companies improve their risk profile by implementing robust cybersecurity measures such as organization-wide cybersecurity awareness training, this should be reflected in their premiums and coverage. By focusing on…
