All About Cyber Security | Cyberroot Risk Advisory (CR Group)

In the galaxy of insurance products, cyber insurance is something relatively new though it has been around us for quite some time.

Mark Bagley, VP at cybersecurity company AttackIQ explains, "Cyber insurance policies are designed to cover the costs of security failures, including data recovery, system forensics, as well as the costs of legal defence and making reparations to customers.

"System forensics and underwriting the data recovery can help to cover some of the expenses connected to investigations and mediations done in behalf of the business by a forensic cyber security company to assist in the finding of what has happened and in fixing the problem.

In fact, this is something similar to what happens after a ransomware attack, which is one of the most damaging and disrupting type of attacks we can find risking businesses.Quite surprisingly, some cyber insurance companies even go to the extent of covering the cost of ransom given to the attackers though this is not something that any information security entity or law enforcement agency will not approve of.

Given the wide prevalence of cybercrimes, it is necessary for any business facing the risk of cyber-attacks to evolve policies that will help protect its crucially important digital assets.Theresa Payton, former White House CIO for the George W. Bush administration and the Founder CEO of cyber security company Fortalice Solutions says, "The insurance company looks at what the potential incident response and forensic bill might be and that's going to be bigger in many cases as organizations aren't prepared, so they'd actually rather pay.

"Yet another innovative kind of cyber-attack is business email compromise (BEC) phishing scams.

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OverviewThe security advisory services market is anticipated to grow by US$11.79 billion by 2023 rapidly growing at a CAGR of 17.6% during the forecast period 2018 to 2023.

The global security advisory services market is driven by increasing number of cyberattacks and adoption of cloud computing.

These factors have helped shape the security advisory services market and are expected to boost the growth.

Companies in the security advisory services market could also face challenges such as stringent risk and compliance issues.

The global market for security advisory services is also covered based on organization size segment which is further split into small and medium sized enterprises, and large enterprises.Factors like hyper-connectivity, emergence of IoT, and growing use of social media, support the security advisory services market growth.

The performance of the security advisory services market has also been studied for the past and current years.

According to the new market research report by IndustryARC titled “Cyber Insurance Market By Organization Size (Small and Medium Enterprises (SMES), Large Enterprises), By Types of Coverage (First-Party and Third-Party), By Industry Vertical (Healthcare, Transportation, Retail, Information Technology and Services, Financial Services, Power Generation, Infrastructure and Others) & Geography – Forecast (2018 - 2023)” the market will be driven by the growing awareness against cyber risks and cyber-attacks in many organisations.

Asia Pacific is expected to show a significant growth during the forecast period due to the increase in ransomware attacks.

The retail and manufacturing industries will have the fastest growth during the forecast period due to more cyber challenges in the industry such as digital supply chain management and online operations.Selected Driving Factors Mentioned in the Full Report:Growing cyber-attacks in many organisations will enhance the demand for the cyber security insurance.

Increase in the levels of liability and legislative developments propel the growth of cyber insurance risk assessment.

Growth of the healthcare industry drives the demand for cyber liability insurance policies.Key Players of the Cyber Insurance Market:The key players of the cyber insurance market include American International Group, Chubb Limited, XL Group Ltd, and AXIS Capital Holdings Ltd. American International Group has recently announced the launching of Cyber Edge Plus, a policy that provides clients with primary insurance protection against cyber risks.Related Report:A.

Small and Medium Enterprises (SMES)          2.  .

According to a research report "Security Advisory Services Market by Service Type (Penetration Testing, Vulnerability Management, Incident Response, Security Risk, Compliance Management, and CISCO Advisory and Support), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global security advisory services market size is expected to grow from USD 7.8 billion in 2019 to USD 18.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.

Increasing in push from regulatory bodies to maintain security posture to safeguard the crucial data and increase in the frequency of cyber-attack and increased sophistication in attacking techniques are the major factors driving the growth of the security advisory services market.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=100127547The CISO advisory and support segment is estimated to dominate the security advisory services market with the larger market size during the forecast periodChief Information Security Officer-as-a-Service (CISOaaS) or vCISO is a service where enterprises can avail comprehensive leadership in terms of information security from the pool of highly qualified technical resources.

The CISOaaS helps in forming strategies, technology integrator, monitors the process that prevents the threat and advises the board members about the strategic roadmap of security.

CISOaaS engagement involves activities, such as scoping, assessment, gap analysis, implementation, evaluation, and continual maintenance.

With the emerging trend of connected devices, large enterprises not only have to protect the systems and endpoints that are interconnected to the enterprise network but also have to defend the applications running on these endpoints.The BFSI vertical is expected to grow at a rapid pace, during the forecast periodThe BFSI vertical is one of the significant users of cybersecurity solutions as banks have a directory of personal and financial data of individuals and organizations.

This vertical frequently introduces new and improved financial products and services to enhance business operations, making it attractive for fraudsters to target sensitive customer information.