Insurance and regulations: main security factors in 2023?

In 2023, we will see new trends emerge. First, privacy and data security regulations will grow globally. If they create safeguards for the confidentiality of personal data, they will also create new security challenges.

At the same time, cyber insurance providers will require the adoption of additional underwriting security tools. MSSPs and managed detection and response (MDR) service providers will also have an even greater influence on the choice of enterprise security tools.

As the new year dawns, countless trends will be at work, but some will be more influential than others. Here are the four you should watch closely in 2023.

Regulation will disrupt the approach to data protection

Laws like the GDPR had driven the first wave of regulations. But the legislation is accelerating as individuals become aware of data collection practices and privacy issues.

In the near future, product-integrated privacy will be a key part of the software development lifecycle. Security vendors might even offer configurable 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 can create new challenges, as new ways of monitoring threats will have to be found. This could lead to additional labor requirements, which would undermine the existing skills shortage. Furthermore, some players whose business model is based on targeted advertising will have to find new ways to achieve their objectives, which could compromise the confidentiality of personal data.

Cyber ​​insurance will determine security needs

With data breaches becoming 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 organizations that apply for cyber insurance, insurance providers are tightening the criteria for coverage.

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

Automation and orchestration at the center of concerns

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

This shift to automation and orchestration should make security products more ready-to-use, allowing today’s security professionals to do more with fewer resources. It will also make it easier to onboard new employees, because configuring and managing security products incorporating these components won’t require such deep technical knowledge.

If you want to take out insurance or operate in a certain jurisdiction, there are new requirements you need to consider. As you review your organization’s security posture for the new year, be sure to stay aware of these trends and adapt accordingly. Don’t just assess the functionality and effectiveness of the security tools you have today, but take a closer look at these key areas and the impact they will have on the evolution of your security infrastructure and devices. cybersecurity.

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