Cyberattacks seem to be a part of our new normal with high-profile data breaches making headlines on a weekly basis. The average cost of a large-scale data breach in the US is $3.86 million, according to IBM’s annual Cost of a Data Breach Report. So it’s not surprising that Gartner is forecasting the information security market to reach over $170 billion in 2022. Should companies turn to cyber insurance for protection?
In the same way you’d wear a bike helmet even though you have health insurance, a good information security strategy will be multi-tiered. In order to properly protect an organization’s sensitive data, cyber risk professionals recommend proactive actions such as educating your employees, multi-factor authentication, and having a data breach response plan in place. But these steps are not 100% foolproof as evidenced by the 400% increase in cyber crime in 2020. So is cyber insurance the answer?
To answer this question we called on the experts: Kari Rollins, Intellectual Property Partner at Sheppard Mullin, and Summer Craze Fowler, CIO at Argo AI. Join us live on Thursday, January 21 at 2pm EST as they discuss the current cyber insurance landscape and trends, proactive steps to take now, and how to respond in the event of a data breach.
Don’t be the next data breach headline! Register now for the live discussion and get your cyber insurance questions answered.