KnowBe4, a recognized cybersecurity platform, has released a new research paper titled "Cyber Insurance and Security: Meeting the Rising Threat," addressing the increasing intersection of cybersecurity and insurance. The report highlights the growing challenges organizations face in securing their digital infrastructure as cyberattacks become more frequent and severe. It points out that the average cost of a data breach has risen to $4.88 million in 2024, with significant increases in cyber claims across regions including the United States, Europe, and the Middle East. The research emphasizes the need for robust cybersecurity practices, noting that insurers are increasingly considering security measures when determining coverage and premiums.
Key findings from the report include the escalating costs of cyberattacks, which now extend beyond immediate disruptions to include legal fees and reputational damage. Social engineering and phishing are identified as major cyber threats, while small and medium enterprises are particularly vulnerable to the financial consequences of cyber incidents. The report stresses that human factors continue to be the leading cause of data breaches, accounting for 75 percent of incidents. KnowBe4 advocates for a multi-faceted approach combining cybersecurity measures and insurance coverage to help businesses navigate these rising threats effectively.
