Convenience drives probably most of the tech companies. Technology has enabled new levels of convenience at home, in the office, and nearly everywhere else.

The connected devices are simplifying our everyday tasks and are now easier to complete and the access to information is in real-time.

Working on cloud, having a CRM connected to our company website are now basic solutions when opening a new business. The “paperless office” was the dream and we are now living it.

The ‘paperless office’ is convenient but this makes something else quite convenient, cyberbreach. Cybersecurity threats are no longer only the concern of IT security professionals, they are now commanding the attention of senior business leaders and boards of directors.

A recent study conducted by the company Radware, “Protecting what you can’t see”, the research revealed that „in 2019, the quickest path to productivity was via migration to the public cloud. In fact, more than 75% of organizations have done so. In addition, companies continue to adopt new technologies that allow them to improve upon continuous development and deployment, such as the rapid adoption of microservices.

Enterprises and service providers also kept an eye on how emerging 5G network technologies and internet of things (IoT) devices might fit into their operational strategies. These environments greatly expand the attack surface and introduce new vulnerabilities to exploit. Security teams were hampered by a lack of visibility into attack vectors in siloed public cloud environments and microservice architectures. Hackers, including those affiliated with governments, were only too happy to respond with new tactics that take advantage of blind spots.”

Key findings of the study, as they are analysed by digitalbusinessjournal.eu, are indeed worrisome:

• “Only 6% claimed not to have experienced an attack.
• Nation-state attacks were an issue as respondents indicated a substantial increase in the percentage of cyberattacks attributed to cyberwar, up from 19% in 2018 to 27% in 2019.
• Only 10% of respondents felt that their data is more secure in a public cloud environment. But 30% felt that the benefits of the cloud, such as agility and lower costs, outweigh the security risks.
• Web and application intrusions (27%) were seen as the biggest threat to their companies’ cloud environments, similar to the percentage in previous years’ surveys.

Companies with revenues of more than 1 billion USD/EUR/GBP reported an average cost of 1.7 million USD/EUR/GBP per cyberattack. Companies with revenues lower than 1 billion USD/EUR/GBP estimated the cost of a cyberattack at 480,000 USD/EUR/GBP” – (Radware, Eliminating Security Blind Spots in an Age of Technological Change, 2019–2020)

A brokerage company, such as Obsidian Broker, is able to offer you a range of cyber insurance products ranging from specialist, standalone cyber insurance to dedicated cyber risk coverage in traditional property and casualty policies.

The types of risks covered include first-party losses such as business interruption, restoration, and crisis communications and third-party losses such as data breaches, network interruption, and notification expenses.

It is important to understand that cyber insurance offers much than just compensation for potentially significant financial losses, but also valuable prevention and incident response services that help company improve their cyber resilience and mitigate negative impacts after an incident.