National Cyber Security Day is celebrated on 30 November and gives us the perfect excuse to take a hard look at our digital defences.
As you know, protecting your digital assets goes far beyond good firewalls. Staying on top of cyber security and cyber insurance trends is a responsibility, but also a competitive advantage for companies that want to be proactive in protecting their digital assets.
Current cyber security and cyber insurance landscape
It is no news that the constant evolution of cyber threats and the need to protect digital assets have driven the development of new strategies and solutions. As a result, the cybersecurity and cyber insurance landscape is constantly evolving.
Key Trends in Cybersecurity
Today’s cybersecurity is marked by movements and strategies that are redefining how we protect ourselves against digital threats. From new philosophies to next-generation technologies, here are the trends we think you shouldn’t ignore.
- Adoption of Zero Trust architectures: The philosophy of ‘never trust, always verify’ is becoming a standard in cyber security, so organisations are implementing Zero Trust architectures. It is no longer just about protecting perimeters. Security is now about always verifying every access, without exception, to minimise the risk of unauthorised entry.
- Increase in targeted ransomware: Ransomware attacks remain a major concern. Cybercriminals’ tactics are becoming more refined and attacks more targeted. Businesses must be prepared for a real-time defence against them.
- Tougher cyber security regulations: Cybersecurity regulations are tightening, requiring companies to meet stricter standards. New regulations are forcing companies to integrate cyber insurance and strengthen their security systems.
- Impact of AI and machine learning: AI and machine learning are transforming cybersecurity. These technologies make it possible to detect and respond to threats in real time, improving organisations’ ability to defend themselves.
- Increased supply chain security: In the wake of incidents such as the SolarWinds hack, supply chain security has become a priority. Companies are strengthening security in their trusted relationships and implementing additional controls to shield against indirect attacks.
Trends in cyber insurance
Cyber insurance is not lagging behind in this transformation and is adapting to offer more complete solutions, with customised coverage and much more comprehensive risk analysis. This is what we are seeing in the market:
- Increased demand for cyber insurance: The frequency and impact of cyber attacks have increased the demand for cyber insurance. Today, companies are not only seeking legal protection, but also financial backing to mitigate losses in the event of an incident.
- More comprehensive risk analysis: Cyber insurance providers are setting the bar high in terms of risk assessment. It is not enough to review technology infrastructure; security policies, practices and even organisational culture around cyber security are now being examined.
- Specialised coverages: Policies are evolving to include coverages ranging from cyber fraud protection to coverage against specific digital crimes. These guarantees not only provide protection but also peace of mind, knowing that the company is well supported.
- Cross-departmental collaboration: Cyber risk management cannot be a siloed effort. Collaboration between IT, security and finance is now essential to define effective strategies and ensure that the coverage chosen is appropriate and aligns with the organisation’s real needs.
Choose the right cyber insurance for your company
At O. Brokers we know that every business has different cybersecurity challenges. Our team is here to help you choose the cyber insurance that best suits the particularities of your business.
Contact with us and we will accompany you in the implementation of all security measures and procedures required by insurers to provide coverage.
