Insurance and regulation: key safety factors in 2023?

In 2023, we will see the emergence of new trends. First, data privacy and security regulations will grow globally. If they create privacy guarantees for personal data, they will also create new security issues.

At the same time, cyber insurance providers will require the adoption of additional underwriting security tools. MSSP and Managed Detection and Response (MDR) service providers will also have even greater influence on the choice of enterprise security tools.

There will be countless trends at work as the new year rolls around, but some will be more influential than others. Here are four you should keep a close eye on in 2023.

Regulation will change the approach to data protection

Laws like the GDPR led to the first wave of regulations. But legislation is accelerating as people become aware of data collection practices and privacy concerns.

In the near future, privacy integrated into a product will become a key part of the software development lifecycle. Security vendors can even offer customizable privacy “buttons” in their products, giving the organization and even the end user more control over what data can be collected.

As a consumer, this is great news. But for cybersecurity, this could create new challenges as new ways of monitoring threats will need to be found. This could lead to additional labor requirements that undermine the existing skills gap. In addition, some players whose business model is based on targeted advertising will have to find new ways to achieve their goals, which may compromise the privacy of personal data.

Cyber ​​insurance will identify security needs

As data breaches become more frequent, businesses are looking to mitigate this risk with cyber insurance, and insurance companies are looking for ways to minimize payouts.

Instead of accepting all entities applying for cyber insurance, insurers are tightening coverage criteria.

As the talent crisis continues and attackers become more sophisticated, insurance companies are asking organizations to meet an even longer list of requirements in order to qualify for insurance plans or benefits.

Automation and orchestration in the spotlight

Security professionals are already facing an unprecedented level of threats while there is a severe workforce shortage. Automation can then reduce human intervention and enable scalable processes, and orchestration can bring disparate security alerts together to take corrective action, which can improve response times.

This shift towards automation and orchestration should make security products more ready to use, allowing today’s security professionals to do more with less. It will also make it easier for new employees to onboard, because security products that include these components do not require such deep technical knowledge to set up and manage.

If you want to insure or work in a particular jurisdiction, you need to be aware of the new requirements. When considering the security posture of your organization for the new year, be sure to keep an eye on these trends and adapt accordingly. Don’t just evaluate the functionality and effectiveness of the security tools you have today, but take a close look at these key areas and the impact they will have on the evolution of your security infrastructure and devices.

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