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Slack cyber security readiness can bloat insurance policies

That a failure to prevent cyber-attack can destabilize a business has led global CIOs and CISOs to up the ante against ever looming cybercrime in the last couple of years amidst a spate of highly sophisticated assaults on internet, banking institutions, and social media companies.

A cyber-attack not only hurts productivity of affected organizations as ensuing lawsuits perforate organizations’ financial resources and operational efficiency but also erodes investors’ confidence. In addition, customers, shaken by breaches of personal information or DOS, look to switch their loyalties towards another service provider.

Organizations, however, don’t just risk immeasurable costs after cyber-attacks. Nowadays, operational costs, to a large extent, depend on how effective is a firm—start-up or big multinational— to ward-off possible unusual activities within its IT environment.

Indeed, the operational cost of having poor identity and access control and data prevention systems in a given IT ecosystem was never as high since the legal framework supporting the cyber security gets more stringent everywhere.

For example: consider cyber insurance. In many developed markets like the U.K., a growing number of start-ups, according to a recently published article on the Financial Times, help cyber insurers to rate firms and decide security premiums for individual companies based on cyber security preparedness. These rating companies collate information and measure firms on their past cyber security record, ability to track user behavior and overall readiness to prevent any external cyber threat.

In other words, weaker cyber security preparedness leads to unfavorable policies being written by cyber insurers.

In this backdrop, it is imperative for organizations to map IT infrastructure and deploy proper security measures as business stakeholders no more look at mere projected free cash flows and business models.

ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.

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