ConversationalGeek Series – Cyber Insurance by Joseph Brunsman – Delinea

How Cybersecurity and Cyber Insurance are Intertwined

In PWC’s 25th Annual Global CEO Survey, respondents listed cyber risks as their top threat to
growth.1 As the former CEO of IBM once stated.

“We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the
new basis of competitive advantage, and it is transforming every profession and industry. If all of
this is true – even inevitable – then cybercrime, bydefinition, is the greatest threat to every profession,
every industry, every company in the world.”2 Meanwhile, the headlines do not inspire confidence.
Forbes recently posed the question, “Why Are We Losing the Cyber War?” They followed with another
article replete with depressing statistics, declaring there were “50% more attack attempts per week on
corporate networks globally in calendar year 2021 compared with 2020,” and, “$43 billion stolen
through Business Email Compromise since 2016, reports FBI.”3

When a headline from six years ago stated, “America is Losing the Cyber War”4 it should come
as no surprise that The New York Times recently released an article entitled, “How the United States
Lost to Hackers.”5 So, what can your business do in light of such persistent and dire threats? There’s an old joke about two hikers sitting in a tent, when a bear comes charging towards them. The first man
immediately starts running away, while the second man starts putting on his shoes. The man running
turns around and yells, “Your shoes won’t help you outrun the bear!” To which the second man replies,
“I don’t have to outrun the bear, I just need to outrun you!”

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