Recent research from Zippia found that, on a global scale, cyber attacks happen once every 39 seconds. That same report stated an estimated 30,000 websites are hacked each day. Sadly, these incidents will only continue to climb in the coming years. Cybercriminals are becoming more creative with their attacks, and the cybercrime underground network has become a highly organized ecosystem where nefarious schemers thrive.
Although the future of cybercrime looks to be fairly profitable for hackers and other bad actors, businesses have access to many tools to combat this imminent threat. With a strong cybersecurity infrastructure and cybersecurity insurance, everyone is safer.
But what do insurers and their clients need to know to navigate these evolving challenges? In this blog, Trava will present a high-level overview of cyber security future challenges and opportunities including:
Notable cybersecurity trends
Challenges impacting the future of cyber insurance
Steps for insurers and their clients to take
What Is the Prediction for Cybercrime in 2024 and Beyond?
Of course, it is impossible to accurately predict the future. But reviewing reliable data can help you plan for likely possibilities. Here are a few cybercrime fighting trends worth reviewing, according to Gartner’s most recent cybersecurity report.
Top Three Gartner Cybersecurity Trends for 2023-2026
Performance Requirements Related to Risk
Gartner’s Prediction: “By 2026, 50% of C-level executives will have performance requirements related to risk built into their employment contracts.”
Because cybercrime is a fairly new issue, many company leaders were slow to recognize cyber threats as significant business threats. Instead, they viewed the issue as purely technical and shifted all of the responsibility to IT leadership. This caused a significant misalignment of expectations from stakeholders within organizations, resulting in a very burnt-out IT workforce. Now, many C-suite leaders are working more closely with their technical teams to expand accountability for cyber risks beyond the IT department.
Legislation That Regulates Ransomware Payments
Gartner’s Prediction: “Through 2025, 30% of nation states will pass legislation that regulates ransomware payments, fines and negotiations, up from less than 1% in 2021.”
In the past, many ransomware incidents were treated as internal crises. However, as cyberattacks become more serious, businesses will need to rely on law enforcement and regulatory bodies for guidance. This means working with professional government negotiators instead of handling the issue with an in-house negotiation team.
Zero Trust Implementation
Gartner’s Prediction: “60% of organizations will embrace zero trust as a starting point for security by 2025. More than half will fail to realize the benefits”
Zero trust security is now widely regarded as the most powerful and effective method for combating cybercrime. At a high level, zero trust means operating under the assumption that a network’s security is always at risk from internal and external threats. This way, prepare for the worst and hope for the best. According to IBM, a zero trust security framework…
Logs and inspects all corporate network traffic
Limits and controls access to the network
Verifies and secures network resources
What Are the Challenges and Opportunities of Cybersecurity Insurance?
As the cybercrime landscape continues to evolve, cyber insurance has a lot of room to grow and learn. Here are three challenges insurers should keep in mind as they continue to evolve their practices.
Lack of Historical Data
Because the cyber insurance industry is so young, it is difficult to find enough historical data to back up decisions. While insurers writing policies for disaster insurance have mountains of historical data and past claims to draw on to inform their policy, cyber attack data is much less easy to gather and decipher. To help mitigate this issue, companies like Trava Security give insurers the detailed insights needed to give clients accurate information about their security, and better rates on their policies. For more information, check out our case study.
Lack of Ability to Predict the Future of Cyber Risk
Conventional risk assessment methods are time-consuming and inaccurate, which often causes insurers to take on clients with too much risk. Trava can help with this as well. We make it simple to accurately evaluate quotes, so you take on clients with a reasonable amount of liability. Our risk assessment technology gives you the accurate and actionable data required to identify low-risk clients, create better policies, and much more,
Evolving Tactics of Cyber Criminals
It seems like a new type of cybercrime is created every day. Considering how quickly cyber threats evolve, it’s vital to view the future of cybercrime in light of technology developments.
For example, cyber-physical attacks are increasing in frequency and pose new difficult challenges for businesses. In these attacks, a bad actor will take control of systems for electrical, water, or natural gas, to create real-world damage. As new methods of cyber attacks continue to present themselves, insurers must review their policies to provide appropriate coverage.
Trava: Cyber Risk Management Made Easy
Partnering with Trava helps your agency stand out from the competition. We offer you a robust cyber risk management program that delivers unmatched security and peace of mind to your clients. Discover how you can take your agency to the next level and sign up for a demo today!