It’s no question the cyber crime landscape is constantly evolving, keeping large and small businesses on their toes. But another industry is rapidly changing, and if businesses don’t keep up, they risk being caught off guard, experts say. That industry is cyber insurance.
Executive Summary
While the strategies of cyber threat actors may shift in 2022, cyber experts interviewed by CM Deputy Editor Elizabeth Blosfield don't see the threat landscape getting better any time soon. Here, they speculate on trends including more attacks on business-to-business services providers and more data manipulation rather than data theft. In addition, they note that more rigorous reviews of customers' cybersecurity postures are already having a positive impact on the businesses they insure.“Now is the time to take comprehensive action and ensure that your company isn’t caught off guard either by a cyber criminal or the insurance renewal process,” said William Shortt, director of cyber diligence and head of M&A cyber strategy at Aon M&A and Transaction Solutions, delivering advice to insurance buyers.
This is because to keep up with the changing threat landscape, insurers are working hard to raise the stakes on cybersecurity, Shortt said. This means it’s imperative that companies implement core security controls before approaching the insurance market, he added.
“Where insurers may in years past have asked limited questions, they’re now digging into all areas of your security program,” he said.
