While cyber insurance adoption is on the rise, only 26 percent of companies have policies today, according to a study on data breach preparedness from Experian and the Ponemon Institute. However, despite increased awareness for breaches, especially after extensive and continued news coverage of new and old cyber attacks, many companies are not following best practices on the technical side to quickly detect and respond to a breach. Only 44 percent of respondents conducted a technical impact assessment to understand potential fallout from an incident. Only 31 percent of respondents indicated their enterprise had a security information and event management (SIEM) system, and 38 percent felt their organization was prepared for a data breach overall.
Despite all of this, executives are demonstrating their willingness to improve. Seventy percent of them want more participation from the C-Suite and board members in data breach preparedness.