A survey of senior information security professionals from organizations which are members of KPMG's International Information Integrity Institute has revealed 74% of businesses have no cyber insurance.
This is despite the same survey also found that 79% of companies believe that cyber threats are likely to increase in the next 12 months. At least half of businesses who took part in the survey believe that a cyber-insurance policy may not pay out when needed.
Our CTO, Mark Kedgley comments, “The fact that over half of businesses surveyed believe that cyber-insurance would not pay out when needed could be an indication of how few organizations actually believe they are doing everything they can to minimize their attack surface and put in place best practice security policies.
“However, given that 79% of companies also believe that cyber threats are likely to increase in the next 12 months, cyber security must surely be at the forefront of businesses' agendas. Ultimately, having a proactive attitude towards cyber defense is a proven asset in identifying hacks before significant and lasting damage occurs. Little wonder then that this is precisely what the underwriters want to see too – evidence of compliance with security best practices: manage vulnerabilities and maintain system integrity through Change Control.
“And while the risk of cyber attacks cannot be eradicated altogether, the best insurance policy is still real-time host intrusion detection.”
You can read the full article on SC Magazine here.