For the last post of Cybersecurity Awareness Month, we take a look at the impact of the rising cost of a data breach and ask if it’s time for the federal government to invest in cyber insurance. In this podcast from GovCyberHub Deborah Blyth, Executive Public Sector Strategist at CrowdStrike, and the former CISO of the State of Colorado, and Adam Cottini the Director of Business Development for Legal and Insurance at CrowdStrike share their insights with us.
According to IBM’s annual “Cost of a Data Breach Report,” the average cost of a cyberattack in 2021, “…rose from $3.86 million to $4.24 million, the highest average total cost in the history of [the] report.” And that exponential increase in the cost of a breach is particularly troubling because breaches are becoming more commonplace.
The recent “Global Threat Report” released by CrowdStrike painted a frightening picture, where more sophisticated and organized cyber threats leveraged the pandemic and the movement towards distributed workplaces to launch larger and more effective cyberattacks. Couple this uptick in attack activity with the perpetually-increasingly and frighteningly-large price tag, and it becomes clear why organizations are suddenly really interested in cyber insurance policies.
But what exactly is cyber insurance? What does it cover? Can government agencies get policies? Do they even need them?
To answer these questions – and many, many more – the GovCyberHub podcast brought together two experts from CrowdStrike to discuss the cyber landscape facing government agencies – particularly state and local government agencies – and what it’s like for government entities looking to purchase an insurance policy.
Joining the podcast were:
Deborah Blyth, Executive Public Sector Strategist at CrowdStrike and the former CISO of the State of Colorado
Adam Cottini, the Director of Business Development for Legal and Insurance at CrowdStrike
During the discussion, GovCyberHub Executive Editor, Ryan Schradin, asked these experts about the rising need for cyber insurance in the public sector – as threats have increased in ferocity and frequency. The guests also discussed how the recent uptick in cyber intrusions is making these policies both incredibly important, but increasingly difficult to acquire.
To listen to the podcast, click here.
This post was originally published on GovCyberHub on October 19, 2021.