COVID-19 spurred a digital transformation and, with it, an increase in cyber attacks. Whether malicious, structural, or accidental, security breaches cause substantial losses for businesses of all types and sizes.
That’s why cyber insurance is now a more than $5 billion market and one of the insurance industry’s top growth areas. To minimize the risk of exposure, organizations must establish a solid cybersecurity foundation and remain diligent in finding and reinforcing digital vulnerabilities.
Law enforcement officials are finding a “marked uptick in the frequency, sophistication, and destructiveness of ransomware attacks” nationwide, stemming in part from the growth of cryptocurrencies as a form of extortion payments.
With the increase in cyberattacks, a lack of comprehensive cybersecurity policies, and changing data protection legislation, the cyber insurance space in the Asia Pacific region could see a surge in the coming years with organizations trying to understand the risk.
Large numbers of claims that stem from a single cyberattack can easily mount up, especially when supply chains and critical infrastructure are targeted, as seen with the Colonial Pipeline.
Insurance and organisation leaders need to be aware of the limitations of cloud vulnerability scanning: What can’t be scanned and why.
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