The growing incidence of cybercrime – and its implications on your business – are a clear and present threat to every company. Cybercriminals today are attacking businesses in every business sector and every corner of the globe.
These threats are significant. That’s why Hauser Insurance Group offers CyberCube, a powerful deterrent that can monitor and protect your business. By identifying threats to your business infrastructure, CyberCube and Hauser Insurance Group can save your business millions.
The cost of cyberattacks continues to grow. According to Hauser Insurance Group, more than 60 percent of small- and medium-sized businesses have become a target of a cyberattack.
According to data from IBM, the average cost of a cyberattack grew to $4.24 million in 2021, up from $3.86 million in 2020. The ongoing COVID-19 pandemic is playing a role in that increase in costs, with breaches related to remote work costing on average $1.07 million more than those where permanent work from home was not a factor.
The pandemic has compounded the threat of cyberattacks. As more employers shifted to at-home work, it meant that employees were suddenly faced with new work structures. They needed to access and transmit data via residential networks. They were using new technology to communicate with colleagues and coworkers and access information.
These new realities created far greater risks and made businesses far more vulnerable.
Credential issues (passwords, user names) were the most common attack vector, according to IBM, accounting for 20 percent of all breaches at an average cost of $4.37 million.
What was the biggest factor in reducing the impact and harm of cyberattacks? Automation and security-based artificial intelligence solutions had the greatest mitigation impact. When fully deployed, these solutions mitigated costs up to $3.81 million less than those in cases where such solutions were not present.
Symantec developed CyberCube in 2015. It’s a Software-as-a-Service (SaaS) solution that helps aggregate the modeling of cyber risks in order to assist with insurance underwriting. Today, it is a standalone business.
As a security tool, CyberCube includes solutions that harness Symantec’s high-level resources and tools. Its team of experts includes cybersecurity, software engineering, data science, commercial insurance and actuarial science professionals.
The insurance experts at Hauser Insurance Group use CyberCube’s data-driven security analytics tool to help quantify a company’s risk posture. It also incorporates a business’ own security controls in making a determination.
Using these tools, Hauser Insurance Group is able to make better, informed cyber insurance packages. These customized insurance offerings can address common concerns that can raise the cost of cyber insurance, especially business interruption risks, breach responses, extortion scenarios, regulatory implications and legal issues, all of which are a part of a typical policy.
The Hauser solutions can help identify exposures and assist companies in reducing risk. Proactive approaches to cybersecurity reduce the overall risk and can result in lower insurance premiums.
The solutions are ideal for private equity firms and companies owned by private equity entities. In addition, privately held companies and public companies can also benefit from the CyberCube solutions.