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How 76% of Companies Improved Their Cyber Defenses to Qualify for Cyber Insurance – Sophos Survey Reveals

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Sophos, a global leader of innovative security solutions for defeating cyberattacks, recently released findings from its survey, “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders.”

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According to the report, 97% of those with a cyber policy invested in improving their defenses to help with insurance, with 76% saying it enabled them to qualify for coverage, 67% to get better pricing and 30% to secure improved policy terms.

The survey also revealed that recovery costs from cyberattacks are outpacing insurance coverage. Only one percent of those that made a claim said that their carrier funded 100% of the costs incurred while remediating the incident.

The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit.

According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by 50% over the last year, reaching $2.73 million on average.

“The Sophos Active Adversary report has repeatedly shown that many of the cyber incidents companies face are the result of a failure to implement basic cybersecurity best practices, such as patching in a timely manner.

“In our most recent report, for example, compromised credentials were the number one root cause of attacks, yet 43% of companies didn’t have multi-factor authentication enabled,” said Chester Wisniewski, director, global Field CTO.

“The fact that 76% of companies invested in cyber defenses to qualify for cyber insurance shows that insurance is forcing organizations to implement some of these essential security measures. It’s making a difference, and it’s having a broader, more positive impact on companies overall.

“However, while cyber insurance is beneficial for companies, it is just one part of an effective risk mitigation strategy. Companies still need to work on hardening their defenses. A cyberattack can have profound impacts for a company from both an operational and a reputational standpoint, and having cyber insurance doesn’t change that.”

Across the 5,000 IT and cybersecurity leaders surveyed, 99% of companies that improved their defenses for insurance purposes said they had also gained broader security benefits beyond insurance coverage due to their investments, including improved protection, freed IT resources and fewer alerts.

“Investments in cyber defenses appear to have a ripple effect in terms of benefits, unlocking insurance savings that organizations can be diverted into other defenses to more broadly improve their security posture. As cyber insurance adoption continues, hopefully, companies’ security will continue to improve. Cyber insurance won’t make ransomware attacks disappear, but it could very well be part of the solution,” said Wisniewski.

Data for the Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders report comes from a vendor-agnostic survey of 5,000 cybersecurity/IT leaders conducted between January and February 2024. Respondents were based in 14 countries across the Americas, EMEA and Asia Pacific. Organizations surveyed had between 100 and 5,000 employees, and revenue ranged from less than $10 million to more than $5 billion.

Read the full “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” on Sophos.com for additional global findings and data by sector.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Galaxy Backbone Bags Multiple ISO Certifications, Commits to Empowering Businesses to Thrive in the Digital Era

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Nigeria’s digital infrastructure solutions and services organization, Galaxy Backbone (GBB) has recently attained the global MSECB certifications in Management systems; the ISO 9001: 2015 standard – Quality Management Systems (QMS) and the ISO 22301:2019 standard – Business Continuity Management Systems (BCMS).

These certifications re-affirm the organization’s commitment to delivering exceptional and excellent services that enhance the sustainability and reliability of solutions provided to organizations by GBB.

In an era marked by rapid technological advancements, organizations need trusted partners driven by its commitment to provide world class services, like GBB to navigate the complexities of modern times.

With these latest certifications, GBB has further positioned itself as a reputable organization, that public and private sector organizations can rely on in their digital transformation and business sustainability journey.

According to, Professor Ibrahim A. Adeyanju, GBB’s Managing Director/CEO ‘these certifications re-affirm the commitment we have consistently made to our customers.

In his words; ‘we are excited about these certifications, we have earned, coming at a time when customers, stakeholders and the government are searching for organizations like ours to rebuild the confidence in the system. I am proud of everyone at GBB who worked hard to ensure we attained this height and who continuously work tirelessly to provide excellent services daily’.

The ISO 9001:2015 certification, highlights Galaxy Backbone’s dedication to providing high-quality services that consistently meet and exceed customer expectations. It also underscores the organization’s commitment to continuous improvement and customer satisfaction across all aspects of its operations.

On the other hand, the ISO 22301:2019 certification showcases GBB as that organisation committed to institutionalizing business continuity management system processes to enhance business sustainability and resilience.

This certification demonstrates GBB’s commitment to maintaining uninterrupted business operations, even during unexpected disruptions like natural disasters, cyber-attacks, or other emergencies.

Galaxy Backbone is the digital Infrastructure platform at the forefront of providing cutting-edge Cloud, Colocation, Connectivity and Cybersecurity solutions and services to organisations. The company is dedicated to fostering reliable partnerships with key stakeholders and service providers in expanding fibre connectivity across cities and local communities.


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Twisco Awards N1m to Winners of Spelling Geniuses Competition

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Twisco, known for “nourishing big dreams”, has successfully sponsored the third edition of the Spelling Genius competition.

L-r: Eminence Chika Onwuatuogu, a judge; Aderibigbe Emmanuel, Spelling Genius Champion; Emeka Onyejiaka, and Catherine Onyejiaka, both judges, at the presentation of mock cheque and trophy to the Spelling Genius competition winner.

The competition held recently at the SUBEB Multipurpose Hall, Maryland, Lagos, brought together over 1500 students and instructors from primary and secondary schools (state and private).

The contestants vied to showcase their spelling skills at the competition aimed to enhance vocabulary and spelling skills for successful learning.

Twisco awarded a total of ₦750,000 in prizes to the top three winners: ₦150,000 for the third place winner, ₦250,000 for the second place winner, and a grand prize of ₦350,000 for the first place winner.

Speaking to journalists at the event, Lillian Omorenuwa, the Brand Manager, Beverage Category at Promasidor Nigeria, said they are not only helping the children develop spelling skills and reading comprehension, but also bolstering their confidence and communication skills as well.

“At the heart of Twisco is empowering young minds; one word at a time. Yes. We have been doing this because the children are dear to us and we stand for their well-being”, Lillian added.


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MTN Foundation’s Odunayo Sanya Urges Private Sector to Join Forces for Better Healthcare in Nigeria

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Odunayo Sanya, Executive Director of MTN Foundation, has urged stakeholders in the healthcare industry to come together to address the skills gap and improve healthcare outcomes in Nigeria. Speaking at the CLI College graduation ceremony on May 25th, 2024, where she delivered the keynote speech, Sanya emphasised the need for collective action to bridge the skills gap in the healthcare industry.

“The private sector, including individuals and institutions, must collaborate to make a meaningful impact in our communities. We need to create an environment that fosters innovation, skills development and access to quality healthcare,” Sanya said.

She commended CLI College for its commitment to equipping healthcare professionals with the necessary skills and knowledge, saying, “I applaud CLI College for its dedication to addressing the critical need for qualified healthcare professionals in Nigeria. We need more institutions like this to accelerate progress in our healthcare sector.”

Sanya also highlighted the importance of strong institutions and policy consistency in driving economic development, saying, “Clear policies and good institution building are essential for growth and progress. We need to replicate this success in other sectors, including healthcare.”

Other stakeholders at the event also emphasised the need for collaboration and collective action to improve healthcare outcomes in Nigeria.

CLI Founder, Angela Chizea, Head of Health School, CLI College acknowledged the graduates’ dedication and emphasised the importance of education in shaping their futures. She also expressed gratitude to the college staff and supportive families who played a role in the graduates’ journeys.

“We acknowledge the critical role played by our college staff, whose tireless efforts and unwavering support have helped shape your journey. And to the families and loved ones who have supported our graduates every step of the way, we extend our heartfelt gratitude.” Mrs. Angela said.

MTN Foundation has invested in several critical intervention areas in Nigeria over the past 19 years, including national priorities like women empowerment, education and healthcare.

CLI College is a leading private career college in Nigeria offering diploma and certificate programs designed to prepare students for success in healthcare, business, technology and creative. Their focus on practical skills and flexible learning options empowers individuals to launch new careers or advance in their current fields.

 


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