Cyber Insurance is expected to be opted for by more organizations in the coming times. It is more of a necessity and less of a choice with the increasing numbers and cost of cyberattacks borne by firms. Along with cyber insurance, the demand for real-time threat dashboards is also predicted to scale.
Cyber Insurance to Complete the Cyber Resilience Program
Tata Consultancy Services (TCS) Ltd., which is among the cyber insurance market vendors addressed its unavoidable adoption. Predicting the trends to be seen in the cybersecurity industry in 2024, a report by TCS discussed the role of AI-driven cybersecurity.
The more industries adapt to the growing technological needs, the more they will need cyber insurance to cover the costs of attacks.
“As threats become more eminent and dangerous, companies can consider two distinct methods to uplift their cyber resilience programs which we believe will see prominence in the future: cyber insurance and real-time threat dashboards,” read the TCS analysis.
Real-Time Threat Detection
A user must take account of several types of cyberattacks to be aware of them. Each attack uses specific malware or software with features and details that might need advanced technical knowledge. Keeping this in mind, the real-time threat detection dashboard has been enhanced to offer a neater visual displaying the details of the cyberattacks as they reach the customer’s systems.
The real-time threat dashboard might display the following details about an incoming or ongoing cyberattack:
- Details about bot attacks
- Geographical location of the origin of the cybercriminal activity
- URL or address of the attackers
- Timeline of cyberattacks
- Progress of the cyberattack
Global Increase in Cyber Insurance Market
With the global cost of cyberattacks growing at a rapid speed each year and reaching several trillion dollars, organizations are turning to insurance to cover some of the charges that the policy would offer.
The US is among the most targeted nations by cybercriminals. According to a study, North America is expected to be among the key regions to have insurance. North America alone is expected to contribute 57% to the growth of its market.
The global cyber insurance market size is expected to grow at a CAGR of 35.92% from 2022 to 2027. “The size of the market is forecast to increase by USD 42.81 billion,” read a report.
However, this growth is reliant on the growing adoption of technology, awareness around cyberattacks among businesses and individuals, and the government’s initiatives encouraging insurance.
With insured cyber presence, and real-time threat intelligence dashboards, organizations could gain more insights into cyberattacks that cause monetary and reputational damage. It is time organizations increase cybersecurity spending and opt for the best cyber insurance policy that offers the relief and information it needs.
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