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Cyber Security strategy and insurance coverage

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Caribbean Maritime published an article on May 14, 2018, about the significance of including insurance coverage in cybersecurity strategies. Here’s a quick summary just for you.

Businesses are more linked than ever before. The emergence of the cloud has resulted in more centralized data stores and critical business software that can be accessed from the worldwide web.

Key points:

  • The technology market research company Gartner has estimated an increase in the usage of connected devices from around 8.4 billion in 2017 to over 20 billion in 2020.
  • On the other hand, the Institute of Electrical and Electronics Engineers (IEEE) forecasts that the Internet of Things will number over 50 billion by the year 2020.
  • The shipping industry is now engaged in a huge effort to modernize and expand the use of technology in its operations.
  • While not comprehensive, these are staggering statistics that must be the focus of any IT conversation, particularly cybersecurity.
  • Several cybersecurity vulnerabilities were highlighted in relation to the shipping community at a seminar on cybersecurity, organized by the Port Authority of Jamaica (PAJ), and presented by Hudson Analytix.
  • They covered a recent spate of cyber events such as the WannaCry ransomware that crippled public and private entities worldwide.
  • Traditional protections such as firewalls, proxy and spam filters, etc., are well known. However, they have proven to be short-lived in combating the multitude of cyber threat vectors that exist today.
  • According to the Mordor Intelligence Global Cyber-Security Market Applications, Trends, Forecast (2017-2022) study, an estimate of more than US$ 450 billion has been spent on cyber-attack recovery over the past year.
  • Conventional cybersecurity strategies are always playing catch-up, requiring a strategic integration approach to physical security and cybersecurity. The enterprise architecture needs to be revamped to include a focus on cybersecurity awareness.
  • Companies must promote cybersecurity awareness as part of the organization’s culture and get insurance with the right coverage. It is vital to ensure that any damage caused by an attack on their system is covered.

Reference: https://www.caribbean-maritime.com/index.php/latest22/issue-34/485-cybersecurity-by-advantum.html

Contributed by: Sabrina Shim from Jamaica. Sabrina is a member of the WISC Discord group from the G5 Cyber Security Foundation Ltd. Learn more about WISC (Women in InfoSec Caribbean) at wiscaribbean.org. WISC is a non-profit initiative supporting  Caribbean women and girls to develop a career in Information Security.

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G5 Cyber Security is a Caribbean-based company providing Cyber Security and Data Privacy services that protect businesses and families from cyber-attacks and breaches.
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