Watch On:
Summary
Excessive monetary tightening has ushered in a period of economic instability for businesses in both developed and developing countries. This is, understandably, causing alarm bells for business leaders, who had hoped for some reprieve post-pandemic This is mostly a discretionary insurance purchase – but it is one that more companies should consider, especially in this elevated threat landscape. The message is simple – and it is one that insurance brokers should be considering internally, and communicating externally with clients: No matter how hard times may be, or how dire the economic outlook is, don’t skimp on your cybersecurity spend.
Show Notes
At times like these, businesses are looking to cut costs – but they need to be smart about this.
If companies are not contractually obliged to buy cyber insurance – which is not yet a common practice – they may opt to cut costs by reducing their cybersecurity spend, or foregoing cyber insurance coverage altogether.
Furthermore, as the cyber threat landscape evolves – and it is always evolving, with bad actors seemingly one step ahead at all times – companies must update their cybersecurity in tandem.
Read more: All eyes on cyber: The celebrity of commercial insuranceAs well as investing in cybersecurity measures, companies also have the option to purchase cyber insurance.
The message is simple – and it is one that insurance brokers should be considering internally, and communicating externally with clients: No matter how hard times may be, or how dire the economic outlook is, don’t skimp on your cybersecurity spend.
