All signs are pointing to cyber security growing to become a $17 billion industry within the next five years. Despite the rapid growth of more enhanced security solutions, the enterprise cyber security coverage most organizations have today isn’t adequate to prevent a security breach. The mid-market, where almost 60% of attacks occur, sees an even lower rate of security coverage.
Intangible assets have always been a part of the overall valuation of a company. In the last few decades, the value assessed on intangibles has shot up quite drastically, but these are also not insured, which poses a risk for companies across industries. Because of this, getting hit with a cyberattack can have long-lasting consequences to the value of a company – some of which never recover.
Given the lack of cyber security coverage, it’s obvious that a number of organizations are putting themselves in a precarious situation. Cyber insurance is sometimes a sticky issue because many organizations are reluctant to reveal their level of security against cybercrime. However, underwriting processes are becoming automated, which could alter the approach that many companies have in regard to insuring against the worst that could happen.
Most businesses today are seeking out a platform that will work with their on-site and cloud-based applications. For anything from archived data to applications used for daily tasks, a solid enterprise cyber security plan is necessary.
Cyber insurance brokers are becoming savvier, utilizing evaluation tools that take into account a large set of benchmarks and regulations to determine a cyber security score, including HIPAA, PCI, ISO, and SOC2. Assessors will be able to hand an enterprise their score and offer remediation and specific action to raise it. It’s a necessary part of security that can actually save an otherwise compromised enterprise.
From analytics for getting ahead of potential threats to managed firewall technology and strategies to reinforce your network, eXemplify has the solutions you need to stay safe in an increasingly unsafe environment. If your score isn’t where you want it to be, we’re the provider to assist you. Contact us today and let’s talk about how our solutions will turn your security strategy around quickly and get you the score that will protect your organization in the future.