Mandatory protections, higher premiums and continued growth -- cyber insurance predictions for 2024
The high costs, both financial and reputational, of dealing with a cyberattack along with tighter regulations that means attacks must be reported have meant that many more organizations are seeking to protect themselves with cyber insurance.
This is still a relatively new and developing field, so what do industry experts think we'll see in the cyber insurance market in 2024?
How AI can help app developers keep up with changing regulations [Q&A]
A changing regulatory landscape can prove difficult for app developers as they need to make sure they remain compliant and keep up with evolving rule sets.
We spoke to Pedro Rodriguez, head of engineering at AI-powered compliance intelligence platform Checks, to find out how AI can help mobile app developers to handle data responsibly and keep up with ever-changing global regulations,
Out of control data puts compliance at risk
According to a new report, 66 percent of IT decision makers (ITDMs) are worried that data is spiraling out of control in their organization and that this is putting compliance at risk.
The study of 850 ITDMs carried out for Cloudera shows that 63 percent of organizations believe siloed data makes it harder for them to comply with data compliance regulations.
Enterprises struggle with a changing security and compliance landscape
A new report from Vanta shows 67 percent of businesses say they need to improve security and compliance measures with 24 percent rating their organization's security and compliance strategy as reactive.
The expansion of attack surfaces in a post-pandemic hybrid world, combined with shrinking teams and budgets and the rapid rise of generative AI, are fueling an urgent need for companies to improve, and prove, their security posture.
OneSpan launches quantum-safe storage to secure digital agreements
Recent technology developments related to AI and the rise of quantum computing can put the integrity of digital agreements at risk, potentially leading to data loss, manipulation, identity or asset theft, and legal consequences for an organization.
For this reason OneSpan is launching a new Trust Vault feature for its e-signature solution that helps guarantee the integrity and long-term viability of documents using immutable storage based on blockchain technology.
Cyber insurers play harder to get as claims increase
A new survey of over 300 organizations in the US finds that the time and effort to obtain cyber insurance is increasing significantly.
The survey, conducted by Censuswide on behalf of privileged access platform Delinea, looked to uncover new trends and evolving patterns since a similar report last year and finds that the numer of companies using their cyber insurance more than once increased to 47 percent.
Gaps in digital rights management pose serious risk
Serious gaps in digital rights management could expose private and public sector organizations to security and compliance risks.
A new 'Sensitive Content Communications Privacy and Compliance' report from Kiteworks finds many organizations lack unified tracking, control, and security of private data that is sent, shared, and transferred with third parties, which creates significant risk of unauthorized access, both malicious and accidental.
Compliance professionals want no-code platform solutions
Among governance, risk, and compliance (GRC) professionals responding to a new survey, 69 percent say that deploying a GRC platform that doesn't need developer support would improve their role.
The study from Onspring finds that a worrying 73 percent of respondents still needed a developer to update and administer their GRC programs, indicating a clear need for technologies that don't require developer input.
Business leaders don't understand cybersecurity
A new survey from Delinea of over 2,000 IT security decision makers (ITSDMs) reveals that only 39 percent of respondents think their company's leadership has a sound understanding of cybersecurity's role as a business enabler.
In addition, over a third (36 percent) believe that it is considered important only in terms of compliance and regulatory demands, while 17 percent say it isn't seen as a business priority.
Microsoft and Talon launch enterprise-grade ChatGPT
Enterprise browser specialist Talon Cyber Security has announced that it has integrated its secure enterprise browser with the Microsoft Azure OpenAI Service to provide enterprise-grade ChatGPT access to customers.
This allows organizations to maintain data protection, keeping data put into ChatGPT within their perimeter and preventing it from transferring to third-party services. When using ChatGPT in Azure OpenAI Service, the organization uses its own Azure resources, so sensitive data is not delivered to other locations, improving data security and reducing risk.
How to avoid fraud while remaining compliant
The financial technology (fintech) industry is a rapidly expanding web of innovation, but it is also becoming increasingly entangled by challenges posed by cybercriminals. These bad actors threaten both data security and regulatory compliance, which can result in heavy fines for noncompliance.
Such fines pose a significant risk for entrepreneurs seeking to quickly scale their operations, as they cannot afford to be bogged down by regulatory issues. Even established businesses find it challenging to navigate the complex layers of financial regulations, let alone startups.
IT and security pros spend over 4,000 hours a year on compliance
IT and security professionals spend an average of 4,300 hours annually achieving or maintaining compliance, according to a new study.
The survey, from automation platform Drata of 300 IT and security professionals in fast-growing organizations across the US, finds 87 percent of respondents have faced consequences as a result of not having continuous compliance, these include slowed sales cycles, security breaches, business interruption, loss of a business relationship, a damaged reputation, or fines.
The changing landscape of privacy and compliance
In the past decade, privacy-related legislation has developed considerably. The 'privacy industry' has gone through a metamorphosis not seen in many other disciplines. Now, as we reflect on the future post-pandemic, we must recognize that being able to quickly access and share accurate data is fundamental to everyone.
When thinking about this, it’s important to remember that there’s a heavy overlap between business and personal aspects, an example of this is password managers. These will have both personal and work-related credentials saved to them, which can be hard to distinguish, and this is why corporate family use plans exist.
Responsible use of tech is seen as a pressing business need
According to a new report, 73 percent of business leaders think responsible technology use will become as important as business or financial considerations when making tech decisions.
The study from Thoughtworks is based on a survey of 550 senior executives from nine countries around the world. When asked about the tangible business benefits of adopting responsible technology, the top response was better customer acquisition/retention (47 percent).
Ensuring compliance through network automation [Q&A]
Cyber threats are on the rise across every industry and business size, highlighting the importance of maintaining network compliance for organizations and especially for IT and security teams.
But that's easier said than done, with many industry-specific compliance regulations like the Health Insurance Portability and Accountability Act (HIPAA) or the Payment Card Industry Data Security Standard (PCI) each with their own set of standards and processes.
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