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However you define greatness, Optiv is in your corner. We manage cyber risk so you can secure your full potential.
April 3, 2023
It’s no surprise to those seeing the constant influx of data breach disclosures that cybercrime is more rampant and widespread than ever. According to the Cybersecurity Ventures 2021 Cybercrime Report, "The economic impact of cybercrime is significant, with the global cost of cybercrime estimated to reach $10.5 trillion annually by 2025." This cost includes direct financial losses—like theft of funds or intellectual property—as well as indirect costs, such as damage to brand reputation, lost productivity, and the cost of recovering from a cyberattack. With the trillion-dollar costs of cybercrime anticipated in just two years, it is important for everyone from the C-Suite to the SOC to be aware of cyber insurance protection options.
Cyber insurance is a relatively new form of insurance that provides financial protection against losses incurred from cyberattacks, data breaches, and other cyber incidents. This blog post is intended for anyone interested in learning more about cyber insurance, from IT professionals to executives. It explores what is covered under cyber insurance and provides valuable insights on how to implement it correctly.
Most cyber insurance policies at least provide coverage for the following types of risks but not limited to:
Cyber insurance can also provide access to expert assistance, such as forensic IT services, legal advice, and public relations support. This is particularly valuable in the event of a data breach or cyberattack, where expert support can help mitigate the damage.
To implement cyber insurance correctly, several key factors should be considered:
The bottom line is that cybersecurity has become a critical factor in today's digital economy, with a significant impact on businesses and individuals. The economic cost of cybercrime is substantial, including direct financial losses, legal and regulatory penalties, and broader economic implications. As such, businesses and individuals must take steps to protect themselves against cyber risks, including implementing strong cybersecurity measures and investing in cyber insurance.
Figure 1 – Optiv's Cyber Insurance Support
If you are interested in learning more about cyber insurance and which coverage options might be best for your organization, Optiv is here to help. Read more about our offerings and reach out to a cyber insurance expert on our website: https://www.optiv.com/solutions/cyber-insurance
Optiv Security: Secure greatness.®
Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to nearly 6,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential. For more information, visit www.optiv.com.
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