Security awareness training and cyber insurance: Prevention, treatment or both?

Cybersecurity risk management: A business priority

Managing cybersecurity risk should be a priority for all organizations, no matter the size or industry. Bad actors don’t discriminate based on company size or business model, and the ever-growing number of cybersecurity attacks and data breaches is a reminder that no business can afford to ignore this risk.

Risk management strategies range from risk avoidance and mitigation to transference and acceptance. From a cybersecurity perspective, avoidance and acceptance may not be the best approaches. Avoiding exposure to cybersecurity risks in today’s interconnected world is a tall order, while accepting risk may come at too high a price. 

The alternatives are to mitigate the risk, which means preventing incidents as much as possible through best practices such as awareness training, or transferring risk through cybersecurity insurance and other strategies. The question becomes which one is best for your organization? 

The high price tag of data breaches

Before you decide on your risk management approach, consider the implications of cybersecurity incidents and data breaches. Cyber incidents are the top risk globally in 2020, according to the annual Allianz Risk Barometer.

The cyber incidents category has been climbing to the top of the Allianz list for the last few years, finally ranking as the No. 1 risk in the most-current survey — indicating that the risk has been growing over time.

As the Alliance Global Corporate and Specialty Deputy Global Head of Cyber Marek Stanislawski noted in the report, “The costs of a cyber incident are rising across the board, a product of growing complexity, more stringent regulation and the damaging consequences to a business from a loss of data or critical systems.”

Cybersecurity incidents, especially data breaches, carry high costs for organizations of all sizes. Research from IBM Security and Ponemon Institute (Read more...)

*** This is a Security Bloggers Network syndicated blog from Infosec Resources authored by Rodika Tollefson. Read the original post at: http://feedproxy.google.com/~r/infosecResources/~3/bSlf5Nfw3hM/