"Cyber Insurance Can Offset the Risks of Potential Breaches"

Findings from a survey conducted by the cybersecurity and data backup company Datto suggest that small to medium-sized businesses (SMBs) are aware of growing cyber threats and are increasingly dedicating resources and investing in areas such as network and cloud security. About one-fifth of Information Technology (IT) budgets are allocated to security, and many budgets are growing. Forty-seven percent of SMBs aim to invest in network security. Over 50 percent of SMBs have installed antivirus and email/spam protection, with network and cloud security as the top investment areas. In addition, 37 percent of respondents conduct IT security vulnerability assessments at least three times each year, while 62 percent do so at least twice per year. Currently, 69 percent of SMBs have cyber insurance, and 34 percent of those without it are highly likely to acquire it soon. Forty-two percent of SMBs with cyber insurance believe that a ransomware attack will occur within the next year, compared to only 16 percent of SMBs without cyber insurance. This article continues to discuss businesses taking more steps to protect themselves against threat actors. 

Help Net Security reports "Cyber Insurance Can Offset the Risks of Potential Breaches"