Gartner stated in an April 2015 research survey report that risk data regularly influences the decisions of 71% of organizations boards of directors. With more Chief Information Security Officers having to present to their boards on the state of cybersecurity and the risk potential for an event occurring that can create a significant negative impact on the business, being able to demonstrate the effectiveness of a “lean-forward” approach to cybersecurity controls rather than how the company will respond to the event is critical.As seen in the graph below, the biggest impact to the business isn’t the cost of recovery or regulatory fines but rather the loss of intellectual property, productivity, revenue and reputation. Today, security has become a board level concern.Source: Ponemon InstituteCybersecurity control issues have spawned a whole new category of business insurance that’s estimated to reach $7.5 billion in annual premiums by 2020, and could grow to $20 billion by 2025 according to German insurer Allianz.Insurers and reinsurers are charging high premiums for cybersecurity coverage and putting in a ceiling in place on potential losses that they are willing to pay. For organizations that cannot assign or outsource its cybersecurity risk to a third party, implementing a “lean-forward” approach to cybersecurity (proactive versus reactive) will give them the ability to detect threats quickly and mitigate loss with preventative controls.Click here to learn more about Pathlock Technologies’ solutions that provide organizations with complete data visibility, real-time policy enforcement and automated mitigation response to address their cybersecurity risks, lowering their risk profile and the need for cybersecurity insurance coverage.
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