There is an increasing necessity for all businesses to take out insurance cover against cyber attacks that could result in severe damage to their operations and possibly put them out of business if they are not able to cope with the consequences.
Local insurers and incident response teams report the highest level of cyberattack incidents they have ever seen, and as these attacks become more frequent and sophisticated, most local businesses can expect to suffer a harmful data breach at any given time, according to a recent IOl article. It is also mentioned that this is according to Mimecast’s 7th annual State of Email Security report, which reveals that 68% of local organisations have experienced an increase in email-based threats, with 44% saying it was a significant increase – higher than all other countries and against a global average of 29%.