“Companies spend millions of dollars on firewalls, encryption, and secure access devices and it’s money wasted because none of these measures address the weakest link in the security chain: the people who use, administer, operate and account for computer systems that contain protected information”. This quote belongs to Kevin Mitnick, the most famous hacker in the world and is quite telling.
In a world where businesses rely heavily on IoT, data and computer systems, this is exactly where a company is more likely to be targeted. This is what makes cyber insurance an important tool, as it holistically addresses more than one attack and security vulnerabilities, which every business has. An important aspect of cyber insurance is the advice provided to businesses on how to protect themselves and how to improve the security of their network.
After all, with the implementation of General Data Protection Regulation 2016/679 (GDPR) in May 2018 in the EU, every company must follow a specific operating model and procedures in accordance with the GDPR. The fines imposed within this legal framework amount to up to 20,000,000€ or 4% of the annual revenue of the company depending on which is higher.
Cyber insurance covers:
Companies spend millions of dollars to create protection systems, encryption and security devices. However, none of these measures can cover the weakest link in their security, the person who uses the computer systems.
– This sentence says it all and belongs to Kenvin Mitnick, the most famous hacker in the world.