The Data Health Check 2023 report, released by Databarracks, highlights the growing importance of cyber insurance. Cyber-attacks are now the leading cause of IT downtime and data loss. In 2023, ransomware remained a huge problem. Over half of organizations experienced a cyber-attack last year. More than two-thirds of companies could only survive less than one day without their crucial IT systems.
The trend of increasing IT security budgets continues. This year, almost half of companies reported increases. However, only a quarter of organizations are “extremely confident” in their team’s ability to respond to a ransomware event.
More organizations have cyber insurance than in previous years. However, the report found that there is still a significant gap between the number of organizations that are insured and the number that need to be.
The report’s authors recommend that organizations take a number of steps to improve their cyber security posture, including:
- Implementing a layered security approach
- Investing in employee training
- Regularly backing up data
- Having a plan in place to respond to a cyber-attack
Cyber insurance can play an important role in helping organizations recover from a cyber attack. However, it is important to note that cyber insurance is not a silver bullet. Organizations need to take steps to protect themselves from cyber-attacks in the first place.
Source and Full Report: Data Health Check
Other News: Employee Mistakes Lead To Cyber Attacks – Report(Opens in a new browser tab)