The cyber insurance market continues to grow as businesses increasingly acknowledge that some breaches are unavoidable, according to experts at the Black Hat USA conference in Las Vegas. Jeffrey Smith, managing partner with Cyber Risk Underwriters, and another presenter at Black Hat USA, said that 60% of the small-to-mid-sized businesses lack cyber-insurance. Risk Based Security's Chief Information Security Officer Jake Kouns, stated the number of requests to take out cyber policies has surged recently as companies look to be covered for risks associated with cyber crime. According to a recent report by cybersecurity firm Proofpoint, there were more than 1 million threats reported last year and nearly half of those attacks targeted organizations or individuals.
The cyber insurance market continues to grow as businesses increasingly acknowledge that some breaches are unavoidable, according to experts at the Black Hat USA conference in Las Vegas. Risk Based Security's Chief Information Security Officer Jake Kouns, stated the number of requests to take out cyber policies has surged recently as companies look to be covered for risks associated with cyber crime. According to a recent report by cybersecurity firm Proofpoint, there were more than 1 million threats reported last year and nearly half of those attacks targeted organizations or individuals.