With the new year here, Cyber Security and Information Security have only become more difficult. Risk mitigation strategies that were previously options are now becoming more of a requirement. Cybercrime costs are anticipated to grow 15% annually and reach $10.5 trillion annually by 2025; it has never been more important for organizations to protect themselves with a multi-layered approach.
No longer is it adequate to focus solely on detection and remediation solutions. Today, firms must be holistically prepared with a comprehensive cyber strategy covering policy, prevention, detection, response, and recovery efforts. Unfortunately, it’s not as easy as it sounds.
Acquiring cyber insurance is a logical approach to recovery. Not only can it be used to cover the financial losses that result from cyber events and incidents directly, but some policies may also help with expenses associated with remediation, such as legal consultancy.
Privileged Access Management Can HelpSo. How can businesses keep pace with the changing requirements, demonstrate cyber resilience, and prioritize measures that underline their readiness to increase their chances of getting coverage? The zero-trust model would be a good solution for this.
Privileged access is a critical piece of the puzzle, representing a security risk for all organizations. This new version is more flexible, which is important because there is never a one-size-fits-all, so there needs to be more flexibility in assessing the kind of controls you need. This is based on sound principles that have followed how the world has been moving in terms of more cloud services, for example, working from home and the importance of authentication and authorization. All of those things are in the new standard.
Small and larger businesses need to consider the kind of data they are handling and weigh whether they need cybersecurity insurance. Rather than thinking about much it’s going to cost for insurance, try to think about how much it’s going to cost if you lose your data entirely
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Link: https://www.infosecurity-magazine.com/opinions/cyber-insurance-must-have/
