Cyber incidents are the most common risks to affect companies, their insurance policies and their reputations so far in 2019.
With this in mind, it’s no surprise that companies are worried about what 2020 will bring. Luckily the Cyber Security Hub are on the case, asking industry professionals where cyber priorities are headed in the next six months and beyond.
Here’s some of the findings that we think are worth highlighting in terms of cyber insurance:
1. Threats will continue to evolve
Hackers continue to get more sophisticated each month, and this is a trend that is not expected to change any time soon. Phishing scams are the highest threat and three-quarters of respondents said these threats will continue to evolve.
2. GDPR legislation will become the norm
Another positive insight is that almost 29% of cyber security respondents said that GDPR wasn’t as much of a challenge as they initially thought it would be. So much so, that by 2020 GDPR will be seen as a usual part of everyday tasks.
3. Cloud will be more of a threat than expected
85.51% of cyber professionals see Cloud usage as much more of a cyber security threat than they used to. This could mean companies will start to move away from using Cloud-based security in 2020.
Security Talent Crisis
The Cyber Security Hub also report that the security talent crisis will be worse than ever.
There has been a talent gap in cyber security for a while now. One estimate earlier this year said there will be 3.5 million unfilled cyber security jobs by 2021, and as many as 91.3% of industry professionals agree with those statistics.
How Trust Insurance can help you in a talent crisis
In the event of a data breach, prompt action and confident communication is critical to help minimise the damage to a company’s reputation.
We can ensure your cover includes the cost of investigating a cybercrime, recovering data lost in a security breach and the restoration of computer systems. We also cover loss of income incurred by a business shutdown, reputation management, extortion payments demanded by hackers, and notification costs, in the case you are required to notify third parties affected.
We also include crisis containment cover with a leading public relations firm, who can provide expert support – from developing communication strategies to running a 24/7 crisis press office.
It is also essential to be covered for third party claims (claims against you), which include damages and settlements, and the cost of legally defending yourself against claims of a GDPR breach, which is another element of your cyber insurance that we can help you with.
If you’re looking to protect your company against rising cyber security threats, speak to our insurance professionals on 01476 434050 and we’ll be here to advise you on your best solutions.