An explosion in costly cyberattacks created a rapidly growing niche business: cyber insurance.
"Seven or eight years ago, this was never discussed," said Rob Clyde, the past ISACA board chair who currently serves as an executive advisor for ShardSecure and executive chair for White Cloud Security."You've had boards go from very little discussion around cyber to, now, intense discussions around cyber.""We're way better off than we were a decade ago when the number was closer to zero," Clyde said.
In the years since the NotPetya attack on Merck,"insurance companies have learned about not including all things cyber in general business insurance," according to Clyde. The evolving landscape can be challenging for small businesses to navigate. Thirty-five% of the security professionals surveyed for ISACA's State of Cybersecurity 2021 said their enterprises were experiencing more cyberattacks.
"Think of it as a multi-headed hydra," Clyde said."While you might chop off one head, there are still others that eventually spring back up again. It's malicious code that has infected your network that is really hard to completely eradicate."
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