Lasting change can only come through collaboration. When people work together within organizations and with external stakeholders to enhance threat intelligence, remediation measures, and best practices, they’re better prepared for increasingly sophisticated cyber attacks.
Strong collaboration between the public and private sectors can help identify new cyber threats and develop strategies to counter them. Collaboration becomes even more critical when protecting national, critical infrastructure operated by the private sector. Governments around the world are facilitating collaboration through legal and quasi-legal constructs, including sharing networks. Given various factors, such as reputational risks and reservations around working with competitors, the private sector has been cautious in their participation.
Despite the trepidation, more organizations are participating in cyber-attack simulation exercises to assess their preparedness level and identify critical gaps in their application security, supply chain security, and endpoint security.
To hedge their losses from cyber attacks, enterprises are adopting cyber insurance as a risk transfer mechanism. While cyber attacks can lead to erosion of trust and negative publicity, organizations can use cyber insurance policies to cover some legal and recovery expenses. However, cyber insurance policies aren’t a primary risk management strategy. To learn more about the levels of cyber-insurance coverage and to dig into the nuances of the state of collaboration, download The State of Cybersecurity Report 2020.