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October is Cybersecurity Awareness Month, making it a timely opportunity to look beyond preventing cyberattacks and consider another important part of managing cyber risk: cyber insurance readiness.

Cyber insurance can provide an important financial layer of protection if an organization experiences ransomware, a data breach, business interruption, or another covered cyber incident. But it's important to note that obtaining coverage isn't simply about purchasing a policy.

With October being Cybersecurity Awareness Month, it's a good opportunity for organizations to step back and ask a practical question: Are we investing our cybersecurity budget in the areas that matter most?

For small and mid-sized businesses, that question is particularly important. Cybersecurity budgets aren't unlimited, yet the number of products, platforms, threats, and compliance obligations continues to grow. Add the rapid adoption of AI and an increasingly complex threat landscape, and it can be difficult to know where to start.

As cybersecurity prevention tactics continue to evolve and adapt to current trends, we've seen new terms thrown into the mix in conversation such as Endpoint Detection and Response (EDR) and Extended Detection and Response (XDR). In IBM's 2022 Cost of a Data Breach Report, analysis on XDR trends were covered for the first time, highlighting the trend towards modernized cyber security solutions. It noted that out of all the organizations that were interviewed as part of the developmental phase of the report, 44% said they were actively using XDR technology and that they were able to contain a breach almost an entire month quicker than if they had not implemented XDR.

So, while we know that EDR and XDR are both methodologies that help combat cyber threats at an organizational level, there are some key differences between the two:

As we look ahead to 2021 (and continue to navigate through a global pandemic), organizations of any size are faced with two major challenges: data protection and cyber security. Modern data and analytics have steadily become the ‘gold’ in the era of continuous technological innovation.

According to a recent report from the Enterprise Strategy Group (ESG), approximately 68% of organizations use data stored on a secondary server for more than just recovery. A recent survey conducted by the Enterprise Strategy Group (ESG) asked C-level IT professionals what their top data protection concerns were. 

With the drastic changes that our society has felt on a global scale since the onset of the COVID-19 pandemic, it's no secret that a 'new normal' is materializing in real time. Organizations have had to rapidly adapt to remote working models on a moment's notice. This change has also inadvertently created a haven for hackers to take full advantage of potentially vulnerabe systems and unsuspecting workers with a significant rise in phishing and ransomware attacks with rhetoric related to COVID-19 as the primary hook to lure people in. We published a post a few years on what to look out for in the event of a ransomware attack and the precautions are no different today.