An organization’s brand, reputation and general operations are greatly impacted by a cyber-attack, thus there is a need to formulate a response, which consists of insurance for goods, intellectual property (IP) and commerce. Ajathashatru Verma, director of CSS and SOC, India, Symantec says, “Cyber criminals are becoming more determined and employing non-traditional vectors, to infiltrate an organization either for espionage or simply for identity theft, payment fraud and other financial crimes.” The expense of a breach and the idea that it is, ‘when,’ not, ‘if,’ confirms that no organization is immune from risk. Cyber insurance is another shield of defense that limits risk, however, organizations should consider all coverage options cautiously. “It’s not about checking off a box; it’s about finding a policy that protects the organization’s brand, reputation and operations if they are faced with a breach,” Verma advises. “What is considered core coverage today was not available as little as three years ago, and enhancements to coverage are being negotiated in the marketplace every day as data breaches and cyber risks continue to evolve.”
Cyber-security attacks continue to rise, as hackers:
- Move faster and more efficiently
- Breach organizations with targeted campaigns
- Focus on consumers across social media, mobile and connected platforms
- Aim to take advantage of the emerging Internet of Things