Vigilant Assessment and Comprehensive Security Also Needed
According toΒ Cybersecurity Ventures, the worldwide cost of cybercrime will grow from $3 trillion in 2015 to $6 trillion by 2021. This includes damage and destruction of data, stolen money, lost property, intellectual property theft and other areas.Β In an era where the likelihood of cyberattack is high, turning a blind eye can have disastrous consequences. Cyber insurance can soften the financial blows, but it works best in conjunction with an enterprise-wide culture of security, a comprehensive risk management program, and a carefully maintained security stance.
Public agencies and organizations around the world are making cyber risk their top priority. Insuring companies against data breaches is becoming a massive industry even as its promising role and impact in security operations continues to unfold. North American policyholders dominate the market, but Europe and Asia are expected to grow rapidly over the next five years due to new laws (e.g., EU data privacy regulations) and significant increases in targeted attacks, such as ransomware. Various experts predict the $3 billion global cyber insurance market will grow two-, three- or even four-fold by 2020.
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http://www.corporatecomplianceinsights.com/cyber-insurance-critical-protecting-cybercrime/
Source: DRJ New feed
