Breaches, however, continue unabated, prompting cyber insurance companies to raise rates and reduce coverage.
Cysurance-certified solutions from leading players in the cyber sector are warrantied for insurability. Better yet, they are interoperable, working together to offer enterprises maximum protection cost-efficiently.
Corporate investments in enterprise technology protection continue to grow at double-digit compound annual rates.
Gartner projects annual global spending on information security to reach $188.3 billion by the end of 2023.
Despite generous budget allocations to reduce risks, breaches across industry segments -- including financial services, healthcare, manufacturing, logistics and more -- have remained steady.
Efforts to manage risk through enterprise cyber insurance have become more complicated and costly. Rates continue to rise,and underwriters are looking much more closely at what risks they will cover.
As a result, composite cyber insurance pricing is rising by as much as 48% per year in the U.S. alone.
According to the Harvard Business Review, small and medium-sized organizations (SMOs) are a significant target for bad actors -- including cybercriminals, malware developers and even state-sponsored hackers.
SMOs are targets of opportunity because few invest in integrated security measures to protect their talent, technologies and processes.
In addition, SMOs are a proven path tohigher-value targets. They offer a backdoor opportunity for bad actors to penetrate larger organizations in the supply chain.
As a result, according to Cisco, 43 percent of all cyberattacks target small businesses, with successful breaches growing at a 150% rate every year.
Security talent shortages, the increasing sophistication of cyber threats, and the rising complexity of security solutions challenge organizations of all sizes to protect today's hybrid, multi-cloud enterprise infrastructures.
Managed security service providers(MSSPs) answer enterprises' needs by delivering comprehensive security expertise and access to infrastructures and cyber services to mitigate cyber risks.
Few MSSPs, however, have integrated their managed security services with emerging technologies -- like advance danalytics, artificial intelligence and machine learning. Also, MSSP services are often built around specific security solutions and sometimes do not integrate well with clients' existing tools.
While organizational investments in cybersecurity solutions have reached all-time highs, most information security and risk management offerings are fragmented and confusing.
In the wake of a surge in new tool and system deployments through the pandemic, organizations of all sizes are revisiting how and where they spend their security dollars to demonstrate a return on risk mitigation measures.
Today business leaders are dealing with an uncertain economic outlook and are identifying redundant and unintegrated enterprise security measures to rationalize security spending without compromising risk management.
This is bad news for innovative point security solutions that do not fit into an overall enterprise security architecture or struggle to quantify their contribution to risk reduction.
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