Don’t gamble on security: Cyber insurance best practice

Published by Barracuda

The security of your IT estate and your data remains under threat. It’s now a given that organisations must protect themselves from attacks, breaches, and data loss or data leakage. But in addition to cyber security applications and tools, there is another essential part of cyber security strategy that shouldn’t be overlooked — cyber insurance. While cyber insurance is not a substitute for good cyber security, it helps to reduce the amount of residual risk that a company must accept.

Cyber insurance — also known as cyber risk insurance, cyber liability insurance, or cyber security insurance — protects your organisation in the event that your systems are breached — whether accidentally or maliciously — or if you are the victim of ransomware. The average cost of a malicious data breach is $4.35 million, according to a 2022 report by IBM Security. The report also found that 83% of organisations surveyed had experienced more than one breach. 

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Related Categories Email Security, Encryption, Multi-Factor Authentication (MFA), Firewall