By: Luke Jones, Published on July 31, 2017 05:05 PM, Last Update on July 31, 2017 02:07 PM
Cybersecurity insurance is the next big avenue in insurance. A wave of ransomware, crypto-currency fraud, viruses, and data breaches have put companies on high alert. Companies are beginning to protect themselves through insurance, and it is driving a growing market, according to professional services company Accenture.
“The first six months of 2017 have seen an evolution of ransomware producing more viral variants unleashed by potential state-sponsored actors and cybercriminals,” said Josh Ray, managing director at Accenture Security, in a press release to accompany a report. “Our findings confirm that a new bar has been set for cybersecurity teams across all industries to defend their assets in the coming months.”
Accenture Security’s iDefense division released its 2017 Cyber Threatscape Report last week. The study examined cyber trends through the first six months of this year. It also considered ever evolving threats that will occur over the next six months:
“Based on in-depth analysis, the report anticipates a growth in the number of threat actors who are rapidly expanding their capabilities due to factors such as the proliferation of affordable, customizable and accessible tools and exploits,” the release said.
Using iDefense data collections, alongside research and analysis, the report shows how frequent destructive attacks occur.
Among the report’s findings are the following: