EXPERT OPINION
Why incident response and insurance must learn to be bedfellows
Dominic Trott , UK Product Manager , Orange Cyberdefense , tells us why maintaining a good understanding of your security posture is paramount , as well as the factors which contribute to a defence-indepth approach to cybersecurity – an approach he refers to as one which offers ‘ the most effective protection against cyberattacks ’.
Dominic Trott , UK Product Manager , Orange Cyberdefense he history books will
T no doubt record the period between late 2019 and today as one in which the world has been dominated by the pandemic . However , the past two years have also been overshadowed by a significant increase in a threat that is impacting businesses and consumers across the globe : cyberattacks .
On a seemingly daily basis there is news of yet another high-profile security incident . The motives and tactics of these attacks may vary , but they all result in significant disruption for the victim , often impacting stakeholders outside the boundaries of the organisation , including customers , partners and suppliers .
Research by Orange Cyberdefense shows that the number of cyberattacks targeting businesses increased by 13 % between 2020 and 2021 , with manufacturing , professional services and retail hit the hardest . Accounting for 38 % of the total , malware – malicious software designed to cause disruption – has become the number one incident type .
The trend has continued to evolve in the first months of 2022 , with the Russia-Ukraine conflict having a knock-on impact on the threats facing organisations globally . The UK National Cyber Security Centre ( NCSC ) advised that , following Russia ’ s ‘ unprovoked , premeditated attack on Ukraine ’, organisations should bolster their online defences . It pointed to a historical pattern of cyberattacks against
Ukraine and that ‘ HermeticWiper ’, a wiper malware used against Ukrainian organisations , also has the potential to impact firms outside of the country .
Insuring against the risk
The growing cyberthreat landscape has led to a corresponding burgeoning of a benevolent counter industry – cyber insurance – as cybersecurity experts have invested more and more time and money to stay ahead of the curve .
According to a recent survey by Fortinet , ransomware attacks increased nearly 11-fold between July 2020 and June 2021 . A large proportion ( 72 %) of respondents said they have a cyber ransom insurance policy in place and 49 % stated they would pay www . intelligentciso . com
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