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Majority of Small and Mid-Sized US Businesses Will Invest in Cyber Insurance, New Research Finds

June 24, 2020

Hikvision HikWire blog article Cyber Insurance

Hikvision Cyber Insights to Prevent Hacks and Vulnerability Exploits

 

A new report, “The Economic Impact of Cyber Insurance” found that the majority of U.S. SMEs (small and mid-sized enterprises) plan to increase spending in the next two years on cybersecurity insurance, as covered in a Security magazine article.

Research was conducted by cybersecurity firm, Cowbell Cyber, which surveyed executives at more than 1,000 companies and in a variety of industries. Research found that 65 percent of SMEs planned to spend more on cybersecurity insurance in the next two years.

“Cyber breaches are no longer an ‘if’ scenario but rather a ‘when’ scenario. Our analysis of the survey results show that cyber insurance is becoming increasingly popular for SME organizations that want to protect their assets and accelerate the response and recovery process in the aftermath of a cyber-incident. Cyber insurance is now a necessity and not a luxury for organizations," said Isabelle Dumont, VP at Cowbell Cyber, in the article.

Additional report findings included:

  • 45 percent of SMEs believe it’s likely their organizations will experience a breach in the next year.
  • The use of MFA (multi-factor authentication) is only 18 percent for SMEs. Read this article by Hikvision’s senior cybersecurity director to learn more about the importance of MFA.
  • Password and credential reuse have been linked to the greatest losses from recent cyberattacks reported by survey respondents.

Hikvision has posted several HikWire blogs that outline trending cyberattacks and how to identify them to prevent hacks and vulnerability exploits. Here are several article links that offer additional cyber insights:

IMPORTANT! This model requires non-standard firmware. Do Not Install standard firmware (e.g. v.4.1.xx) on this model. Doing so will permanently damage your system. You must use custom firmware v.4.1.25 from the iDS-9632NXI-I8/16S product page.

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