Greg Day, Cybereason

Threat actors are hitting businesses hard, and often. According to Astra Security, companies now face more than 4 000 cyberattacks every day. From data breaches to ransomware, they are constantly bombarded by digital threats. As data and IT systems are critical to keeping operations running smoothly, these breaches don’t just disrupt workflows, they also carry a growing financial burden. New research from IBM and the Ponemon Institute found that the global average cost of a data breach has surged to $4.88 million, a 10% increase from last year. Businesses are becoming more aware of the potential losses associated with cybercrime and, as a result, the cyber insurance market has grown. Munich Re, a German multinational insurance company, estimates that the market will be worth $29 billion globally by 2027. It makes sense – every organisation, no matter its size, sector or location, that relies on technology is at risk. Even the most well-prepared companies fall victim to a cyberattack. So, to avoid going out of business (which happens in an estimated 60% of small companies within six months of a data breach or cyberattack), you need some kind of safety net. And as businesses become increasingly reliant on technology, cyber insurance plays a vital role in closing the protection gap.

“What do you do when all else fails?” asks Greg Day, Cybereason VP and Global CISO. “Cyber insurance [provides] a degree of financial reassurance against cyberattacks that traditional security controls miss.”