There was 35% increase of Cyber incidents in 2020 alone with data breaches costing $4.24 million per year. Type of cyber incidents ranging from phishing, ransomware, remote workforces, stolen credentials and personal identity impersonations. Therefore, organizations must secure themselves against unknown and advancing threats while striking a balance between proactive and reactive measures.
We acknowledge that cyber insurance is one of the mitigation strategies, however we believe organizations should be more proactive in identifying the business-critical assets such as critical data, critical business system and critical network in ensuring the confidentiality, integrity and accessibility triage are inline with the organization’s goals and objectives.
Therefore, we believe that organizations should invest in developing a holistic mitigation strategy to combat cyber threats and a holistic approach would include process such as identifying, protecting, detecting, responding, and recovery as well as having a governance. Under this approach, cyber security insurance would fall under the recovery of the mitigation risk strategy.