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Likewise, cyberinsurance policies for individuals are starting to appear in the marketplace. Remember, a cyber-insurance policy is a legal contract – it is absolutely essential that policyholders adhere to policy requirements or they may find their otherwise valid claims denied should a cybersecurity incident occur.
Likewise, if you purchase appropriate first-party insurance, your insurance policy should cover the relevant losses – as the losses are borne directly by the policyholder (your business). iBynd also has a first-of-its-kind Personal CyberInsurance offering that it delivers directly to consumers through CyberInsurancePlus.com.
Cyberinsurance industry faces a pivotal year The cyberinsurance industry faces a pivotal year, influenced by evolving ransomware threats, regulatory changes, and the integration of artificialintelligence (AI). Many SMEs think they’re too small to fall victim to cyberattacks.
Given the continued surge of ransomware attacks, which soared 288% in the first half of 2022 alone, the need for cyberinsurance will be a bigger priority, especially in the SMB market. Yet, in addition to cyberinsurance, companies will need a designated DR or RR (Rolling Recovery) plan.
With faster response times, a more centralized platform, and artificialintelligence-powered workflows, many companies select XDR tools to optimize or go beyond what their SIEM and UEBA tools can do. Unlike EDR, NDR focuses less on actual devices and more on network traffic behavior analysis via packet data.
Abnormal Security applies artificialintelligence to catch suspicious identities, relationships, and context within email communications and can help organizations securely migrate from legacy to cloud infrastructure. Most traditional tools used for investigating cyberattacks cannot assess potential impacts on these environments.
Cybersecurity can often feel like a game of cat and mouse where cyberattackers and defenders engage in a chase, with one party trying to outsmart the other. Just like in previous years, 2024 is set to test practitioners’ skills as the frequency of cyber threats continues to surge leaving no room for complacency.
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