Symantec: The insurance coverage from cyber threats more necessary than ever
Symantec experts warn: Cyber Insurance coverage from cyber threats provides protection to organizations and businesses for limiting their risks
Athens, 26 November 2015 – Symantec Corp. (NASDAQ: SYMC), the world's largest cybersecurity company, announces that it is working closely with insurance companies that provide Cyber Insurance coverage for cyber threats, in order to provide comprehensive protection and mitigation of threats concerning the cyber realm.
The ecosystem of cyber insurance coverage is a critical element in order for an incident response program to be successful. Symantec has deep experience, the world's largest database regarding information security, as well as a wide range of tools that help businesses and organizations of any size to best leverage their relationship with their insurance company in the cyber domain, thereby minimizing their exposure to risks. Symantec works closely with this ecosystem to help provide world-class readiness and response that will help any business respond to today's advanced attacks.
If we look at cybersecurity today, our information could be lost in a digital ocean that is none other than the worldwide web. The volume of attacks is increasing daily while cyberattacks are becoming more persistent and hostile. Based on research, attackers will continue to:
• Move faster and more efficiently,
• Breach organizations and businesses with targeted attacks,
• Focus on consumers through social media, smartphones and interconnected platforms,
• Target in order to take advantage of the emerging concept of the Internet of Things.
The impact of a cyber attack on an organization's brand, reputation, or even its business activities can be devastating. Therefore, organizations must take preventive measures and also prepare for their response to any attack. This prevention includes insuring goods, intellectual property, and business in general across the entire digital landscape. All of this is encompassed by the concept of cyber insurance coverage (cyber insurance).
Data breaches can cause damage to reputation, operational downtime, but above all they are costly. According to a study by the Ponemon Institute, it has been estimated that in 2014, the average cost of a data breach in the US was $5,850,000. A company relying solely on defense can create a false sense of security, as no organization is immune to risk. Therefore, many businesses are now turning to cyber‑attack insurance as an additional layer of protection.
The rapid adoption of cyber insurance coverage is based on two key factors to which its rapid growth is attributed: the new regulations that require companies to respond promptly to breaches of their information, as well as the increase in cybercriminals who use stolen information for payment fraud, identity theft, and other crimes.
What does cyber insurance mean?
Cyber insurance coverage is evolving as quickly as technology. What is considered basic coverage today was not available just three years ago as improvements in coverage are negotiated daily in the marketplace. The main elements of cyber insurance coverage are:
• Liability – Defense and compensation for liability incurred due to a cyber security incident
• Response – Coverage for investigating and mitigating cyber attack incidents
• Business Interruption – Coverage for business interruption due to a cyber incident
• Cyber Extortion – Coverage for responding to threats that could damage a network or leak confidential information
Despite the fact that liability is the most popular insurance coverage in cyberspace, the majority of buyers also invest in coverage that concerns incident investigation as well as cyber extortion issues.
How much coverage does a business need?
There is no simple answer to the question of how much cyber insurance coverage to purchase. Companies should consider a number of factors as key criteria in making this decision. These factors include:
• The size of the insured organization
• The amount of sensitive data stored
• The industry in which it operates
• The degree of potential reputational risks and threats
The current reality proves daily that data breaches, slow or fast, will happen. Cybersecurity provides protection to limit risks. However, companies must carefully examine all coverage options available to them, so that a solution can be found that protects the brand, reputation, and the organization's operations, as all of these are facing a breach. Interest from businesses in cybersecurity is here to stay, and Symantec is here to help reduce this risk for both the user and the enterprise.
Download the white paper What Every CISO Needs to Know About Cyber Insurance where industry experts in cyber insurance explain with examples all aspects of the topic. For more information, visit the incident response page of Symantec
