A common mistake many organisations make is to leave responsibility for managing cyber risk to the IT department. In reality, improving cyber security and cyber resilience is an enterprise-wide challenge, which requires buy-in from every employee.
The portion of businesses buying cyber insurance reportedly doubled in 2020. Unfortunately, the very same factors that led to this rush to buy, have also led to a change in the dynamics of the cyber insurance market. More cyber criminals are being drawn into the space by increasingly lucrative earnings, and this has led to a rise in frequency of claims.