In 2023, there was a 72% increase in data breaches since 2021, which has previously held the all-time record. In response to this growing frequency of cyber threats, cybersecurity insurers have significantly revised their policies for businesses, making them more stringent and demanding in terms of risk mitigation and management. Insurers are now requiring businesses to demonstrate not just the presence of cybersecurity protocols, but also their effectiveness and ongoing maintenance. For example, organizations are expected to implement comprehensive security measures, including advanced threat detection, regular vulnerability assessments, and a robust incident response plan. Failure to meet these heightened standards could result in denied claims, leaving businesses exposed during a cyber event and costing them financially.
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