That leads us into some new data from CompTIA, diving into cybersecurity:
- Eight in 10 organizations said their cybersecurity practices are improving.
- 42% of companies currently holding a cyber insurance policy.
- 72% of companies that rely on external security firms saying that they use more than one firm for their security needs.
Diving into that insurance stat: Cybersecurity insurance is another emerging area. Some 45% of large companies, 41% of midsize firms and 37% of small businesses have a cyber insurance policy. Common coverage areas include:
- The cost of restoring data (56% of policy holders).
- The cost of finding the root cause of a breach (47%).
- Coverage for third-party incidents (43%).
- Response to ransomware (42%).
Why do we care?
Only 37% of small businesses having cyber insurance means that a whole lot of businesses don’t have cyber insurance.
Even if your customers aren’t going to buy it, I would encourage you to have that conversation. I call this an active decision versus a passive one. A passive decision happens simply from not knowing or not deciding, but an active one is to decide to do, or in some cases to “not do”.
Make sure your customers have actively decided their position on cyber insurance, because a passive one can actively bite you later, particularly as we learned from the penalties in the previous story.
Source: Channel Futures