After Lloyd's of London said that the government should step in to cover the risks of cyber-attacks due to the risks being too big to cover, Darren Anstee, director of Solutions Architects at Arbor Networks, offers his thoughts on the matter:
"The costs around successful cyber-attacks can be very considerable, especially where customer personal or credit information are involved.
"Unfortunately, given the value of this information, in many cases this is what attackers are after.
"According to research from the Economist Intelligence Unit, sponsored by Arbor Networks, the demand for insurance products which insure against losses due to cyber-attack is growing strongly - however market penetration is still relatively low.
"In this year’s Arbor World-Wide Infrastructure Security Survey only 6 per cent of non-service provider respondents indicated that they had contracted with an insurance provider for assistance in this area (for service providers it was only 2 per cent).
"As the costs around successful cyber-attacks, and thus the business risks, become more widely appreciated it is hoped that organisations will invest to raise their security posture.
"However, defending organisations from today’s threats is not all about technology, there needs to be at least as much focus on the people, processes and workflows that are involved.
"Our incident responders need to be able to identify, prioritise and investigate threats as efficiently as possible, and they need access to threat-intelligence and tools that facilitate this process."