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If anything, 2020 was about preparing for – well, everything. In 2021, rethinking your cyberinsurance strategy should be a top priority for CISOs and executive leadership. The elevated risk landscape is driving growing demand for cyberinsurance: Nearly four out of five organizations.
That’s where cyberinsurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyberinsurance to help manage the associated financial risks.
But when it comes to cybersecurity coverage, the relationship between enterprises and insurers has been rocky and uncertain. . The relationship between enterprises and insurers, like the cyberinsurance market itself, is evolving. That’s quite the incentive for insurers to assert themselves in this market.
in 2020 alone. In addition, having cyberinsurance coverage in place does not guarantee an organization can recoup losses associated with a ransomware attack. The FBI reported an increase of more than 225% in total losses from ransomware in the U.S.
Ransomware attacks have continued to make headlines, and for good reason: on average, there is a new ransomware attack every 11 seconds, and the losses to organizations from ransomware attacks is projected to reach $20 billion over the course of 2021 following a record increase in losses of more than 225% in 2020.
Take cyberinsurance , for example. Cyberinsurance can prevent local governments from having to pay huge out of pocket costs in the event that they’re hit with a cyberattack. In Michigan’s Cyber Partners Program , for example, local communities receive services from a CISO-level consultant.
Bugcrowd, which offers a platform allowing companies to connect their applications to a community of thousands of security researchers who root out for bugs and vulnerabilities, reported a 50 percent increase in total bug bounty submissions in 2020 compared to 2019.
At times it can seem like a war of attrition, which brings us to the first series of predictions for 2020: CISOs will get worse at their jobs. In 2020 there will be somewhere around 20 billion IoT devices in use around the world. It’s good news for 2020 babies. . You’re going to have personal cyberinsurance.
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