Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

The global marketplace faces an increasingly destructive cyber risk landscape each year, and 2024 is set to confirm this trend. The cost of data breaches alone is expected to reach $5 trillion, a growth of 11 percent from 2023. As technology advances, attackers continue to develop new, more sophisticated methods for infiltrating systems and exploiting vulnerabilities. ‍ Amongst cyber experts, it is now widely acknowledged that the question of an attack is not ‘if’ but ‘when.’

In late July, the US Securities and Exchange Commission (SEC) enacted a groundbreaking ruling for the cybersecurity industry. Amid an increasingly risky cyber landscape, the new Ruling S7-09-22 requires all registrants to disclose material cyber incidents within four days of detection and provide a detailed description of their cyber risk and governance management programs.

‍ The global economic situation is far from encouraging. The IMF’s World Economic Outlook predicts growth will again fall by 3% in 2024 as central banks continue to fight inflation. Businesses throughout all industries are expected to tighten their budgets for the upcoming year, scrutinizing and slashing spending across departments. ‍ At the same time, recent research reveals that the global cost of cyber attacks is expected to reach $10.5 trillion annually.

Working with third-party service providers is part of doing business. Even before the digital revolution, entrepreneurs enlisted logistics and shipping providers, payment processing services, and other outsourced companies to help them streamline operations and reduce costs. ‍ Today's marketplace is no different, although the available third parties have evolved to fit organizations' growing digital needs.

In merely a few decades, technological pioneers developed an unprecedented ability for society to access and store data in immeasurable quantities. This newfound power transformed many aspects of the physical world into a digital one, taking everyday activities such as banking, gaming, shopping, and socializing online.

Kovrr has been recognized in the Gartner Hype Cycle for Cyber Risk Management this year. We believe this recognition serves as a testament to our commitment to empowering enterprise decision-makers to manage cyber exposure more effectively with in-depth risk analyses. ‍

‍This is the second of a two part series on highlighting the power of cyber risk quantification, based on a webinar hosted by Kovrr’s Director of Product Management, Amir Kessler. Part two delves into the transformative potential of converting cyber risks from financial insights to actionable plans. Watch the full webinar here.

Most companies will quickly accept the insurance provider's first offer when negotiating cybersecurity insurance policies. Although a relatively new component of the insurance sector, providers have still been conducting cyber assessments and offers for years and are the so-called expert. ‍ However, this way of thinking costs enterprises thousands, if not millions, of dollars a year in deductibles.

When it comes to securing your enterprise and keeping it safe, your success depends on effective communication. How can you explain cyber risks to the board in a way that's easy to understand, yet still packs a punch? Cyber Risk Quantification (CRQ) is a methodological approach that allows security teams to measure and quantify cyber risks in financial terms.

It all started with a statement from the US Securities and Exchange Commission’s (SEC) Jaime Lizárraga. The commissioner revealed that a staggering 83% of companies suffered from multiple data breaches last year, with an average expense of $9.44 million in the United States— a dramatic increase of 600% over the past ten years.