Why Companies Should Also Invest in Cyber Insurance
Professor Christos Xenakis from the Department of Digital Systems of Piraeus University and coordinator of the SECONDO project was invited to talk about the “cyber-needs” that are facing modern business in terms of cybersecurity to the “Insurance World” blog.
“The modern era is characterized by the widespread application of advanced Information and Communication Technologies, which was intensified by the sudden outbreak of the COVID-19 pandemic.
Companies, in order to meet the unprecedented needs posed by the pandemic, strengthened their business operations by applying technologies that had not been extensively tested on security issues. Security issues, however, do not only remain in specific applications and systems but are also inherited in the other digital infrastructure of an organization.
At the same time, there are hackers who try to exploit the security problems of information systems, threatening the smooth operation of a company’s digital ecosystem, with the result that the company becomes a victim of an electronic attack.
Most cyber-attacks on businesses rely on social engineering, the payment of fake invoices as well as encryption programs.
We, as the University of Piraeus, participate in the European Project SECONDO which proposes a platform “Economics-of-Security-as-a-Service”, following the framework of the General Data Protection Regulation (GDPR). This platform focuses on cyber risk assessment, where, with a quantified approach, cyber exposure can be measured.
It also provides analysis for effective and efficient risk management, proposing optimal investments in security mechanisms to reduce cyber risk. Finally, it aims to identify residual risks and assess premiums.”
Read the inter article at the Insurance World