Rise in cyber threats make companies go for unified security command
cybersecurity professionals, especially at the leadership level, are more in demand than before.
Organisations have started to consider cyber as a key enterprise-wide risk that can not only pose financial losses but also tarnish reputations, destroy customer trust, and even threaten public safety, says Anand Venkatraman, Partner, Deloitte India. The stakes are higher in today’s interconnected digital landscape, and this calls for robust cyber defences and risk management strategies. There is a clear surge in demand for cyber insurance so that organisations can offset or transfer some financial damage from this risk.
The areas of demand
Venkataraman says that several sectors are driving the demand for cyber insurance. Finance and banking institutions are bolstering their defences against cyberthreats to safeguard sensitive financial data and maintain customer trust. Healthcare and pharmaceutical companies are prioritising cyber insurance as they digitise patient records and medical devices, recognising the need to protect themselves from potential disruptions to critical healthcare services.
Technology firms and e-commerce platforms are investing in cyber insurance to mitigate risks associated with data breaches and ransomware attacks, ensuring the security of customer information and the resilience of their operations. Additionally, critical infrastructure sectors such as energy and utilities are recognising the importance of cyber resilience in safeguarding essential services and preventing widespread
