Do you know the history of cyber insurance?
Let us give you a little bit of background. In 2019 it was reported only 41% of businesses had any sort of Cyber insurance. Now, you wouldn’t buy a car and not purchase insurance, would you? The first car was invented in 1886 with the first form of insurance appearing in 1897 and now everyone who owns a car is legally required to be insured. In comparison, the first data centre was created around 1946 and still there is less than a 50% of uptake in terms of insurance within this technology.
Alongside this, there has been a huge increase in cybercrime within the UK, with a significant 50% rise in cyber-attacks between 2020 and 2021. With such extreme costs and a changing landscape, it is inevitable that insurers are a little reluctant to pay out on their policies, potentially leaving businesses with little compensation to battle the loss of cyber-attacks or data breaches.
As an organisation, you need to ensure that you have a cyber security policy and insurance that best aligns with your risks and structure. The insurer that you choose will want to know what steps you have taken to ensure you are protected to ensure that if you do claim, you will receive the compensation that you need (and deserve) to recover.
It is time to protect yourself, and Delinea has got you covered.
Assessing your potential weak points and ensuring that you understand your IT landscape can not only lower the threat of cybercrime within your organisation but also keep you compliant. Delinea can support you to identify those who are accessing your systems, give transparency to your privileges and help you to respond to a potential attack.
Delinea’s privileged access management solution ensures that you have full transparency across your organisation. Due to the huge shift into hybrid working and new cloud applications your privileged account attack surface has broadened. To ensure compliance you need to understand who is accessing your core assets and why they are doing so, without this knowledge your disconnected security solution is ineffective.
It is time to go above and beyond the traditional PAM solutions and Delinea is paving the way. XPM redefined Pam to place a microscope over your privileged users and uses identity as the common connection for authentication and policy-based decision authorization to meet best practices.
This innovative approach allows you to truly understand what is going on, which is what your insurer will be keen to understand. It may seem a little bleak to prepare for such a “what if” but when it comes down to the crunch you will need to provide a clear account of your cyber security protocols, and Delinea allows you full transparency.
If you would like to discover more about Delinea and how it can support your cyber security compliance and protection strategy then please email adam.woolhead@coretocloud.co.uk for more information.
