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How 76% of Companies Improved Their Cyber Defenses to Qualify for Cyber Insurance – Sophos Survey Reveals
Sophos, a global leader of innovative security solutions for defeating cyberattacks, recently released findings from its survey, “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders.”
According to the report, 97% of those with a cyber policy invested in improving their defenses to help with insurance, with 76% saying it enabled them to qualify for coverage, 67% to get better pricing and 30% to secure improved policy terms.
The survey also revealed that recovery costs from cyberattacks are outpacing insurance coverage. Only one percent of those that made a claim said that their carrier funded 100% of the costs incurred while remediating the incident.
The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit.
According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by 50% over the last year, reaching $2.73 million on average.
“The Sophos Active Adversary report has repeatedly shown that many of the cyber incidents companies face are the result of a failure to implement basic cybersecurity best practices, such as patching in a timely manner.
“In our most recent report, for example, compromised credentials were the number one root cause of attacks, yet 43% of companies didn’t have multi-factor authentication enabled,” said Chester Wisniewski, director, global Field CTO.
“The fact that 76% of companies invested in cyber defenses to qualify for cyber insurance shows that insurance is forcing organizations to implement some of these essential security measures. It’s making a difference, and it’s having a broader, more positive impact on companies overall.
“However, while cyber insurance is beneficial for companies, it is just one part of an effective risk mitigation strategy. Companies still need to work on hardening their defenses. A cyberattack can have profound impacts for a company from both an operational and a reputational standpoint, and having cyber insurance doesn’t change that.”
Across the 5,000 IT and cybersecurity leaders surveyed, 99% of companies that improved their defenses for insurance purposes said they had also gained broader security benefits beyond insurance coverage due to their investments, including improved protection, freed IT resources and fewer alerts.
“Investments in cyber defenses appear to have a ripple effect in terms of benefits, unlocking insurance savings that organizations can be diverted into other defenses to more broadly improve their security posture. As cyber insurance adoption continues, hopefully, companies’ security will continue to improve. Cyber insurance won’t make ransomware attacks disappear, but it could very well be part of the solution,” said Wisniewski.
Data for the Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders report comes from a vendor-agnostic survey of 5,000 cybersecurity/IT leaders conducted between January and February 2024. Respondents were based in 14 countries across the Americas, EMEA and Asia Pacific. Organizations surveyed had between 100 and 5,000 employees, and revenue ranged from less than $10 million to more than $5 billion.
Read the full “Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders,” on Sophos.com for additional global findings and data by sector.
Association of Telecommunication Companies of Nigeria (ATCON) on Monday commended the Federal Ministry of Communication, Innovation, and Digital Economy (FMCIDE) for spearheading a new initiative known as ‘Project Bridge’.
Tony Emoekpere, president, ATCON, stated in an interview with NAN in Lagos that the initiative aimed to create a robust and resilient telecommunications backbone across Nigeria.
Emoekpere stated that the project was an ambitious public-private partnership designed to connect all 36 states and Abuja, as well as LGAs, via fiber optic cables.
According to him, the initiative is not meant to replace existing infrastructure but to complement it, creating a more resilient network.
“Right now, most of the networks that we have are linear in nature. ’Just imagine, if there’s only one road from Lagos to Ibadan; if anything happens to that road, you would not get to Ibadan.
‘’This project will create alternative routes,” he said.
The ATCON boss stated that the project was modeled after the successful PPP framework in the energy sector, with the government contributing a certain percentage to the Special Purpose Vehicle and the private sector providing the remaining funding.
He stated that the project’s goal was to establish alternative, redundant connections, thereby ensuring that services remained uninterrupted even if one part of the network was compromised.
The president expressed the full support of telcos, noting that the project would enable members to deliver services more effectively in locations where infrastructure was currently a significant challenge.
“With this project, we will have multiple options,” he said.
Project BRIDGE involves building a nationwide fiber optic network to expand digital infrastructure and connectivity, rather than a physical bridge, as part of Nigeria’s National Broadband Plan.
The project is a public-private partnership ($2 billion cost) using an SPV to deploy 90,000km of fiber-optic cable to enhance education, healthcare, and the digital economy.
MTN Nigeria has successfully completed a scheduled network maintenance operation that affected 101 sites across 15 Local Government Areas (LGAs) in Adamawa, Borno, and Kano States.
The restoration marks a significant step in the company’s ongoing efforts to enhance service reliability in the Northeast region, amidst multiple fibre cuts and vandalism.
The maintenance, which took place on Sunday, August 24, involved the cutover of traffic to a newly installed fiber span along the AFCOT–Bawo Village route in Adamawa State.
This upgrade was necessary to replace a previously damaged section of the network infrastructure. All service maintenance was done within timeframe and restorations before 1 PM on Sunday August 24th.
We can confirm that all impacted sites have been fully restored, and services are now operating normally. We appreciate our subscribers’ patience and sincerely apologize for any inconvenience caused during the downtime.
The affected services included 2G, 3G, 4G, and enterprise connectivity, with temporary disruptions experienced in LGAs such as Girei, Song, Mubi North, Hong, and Michika in Adamawa; Askira/Uba and Shani in Borno; and Nasarawa in Kano.
The work was scheduled during daylight hours to ensure the safety of field engineers, given the linear and unprotected nature of the route.
This restoration is part of MTN’s broader strategy to strengthen its infrastructure in underserved regions and ensure consistent service delivery across Nigeria, amidst constant fibre cuts and vandalism.
TikTok has launched its music insights platform, TikTok for Artists, in Nigeria to support artist growth and fan engagement across the country’s vibrant music industry.
The platform, which debuted globally earlier this year, provides artists, labels, and management teams with access to daily-updated dashboards and analytics tools to track music performance, audience demographics, and fan interactions.
Toyin Mustapha, Head of Music Partnerships for the UK, Ireland, and Sub-Saharan Africa at TikTok, said the initiative was part of the company’s commitment to empowering African creators.
“With the launch of TikTok for Artists in Nigeria, we’re giving artists and their teams access to insights that can help them engage their fans in more meaningful ways and grow their careers globally,” Mustapha said.
The platform offers detailed song performance metrics, including views, posts, and creator engagements per track. It also provides granular post-level data such as likes, comments, shares, and completion rates, alongside demographic breakdowns by gender, age, and language.
In addition to analytics, TikTok for Artists includes educational resources and step-by-step guides to help artists build sustainable careers.
A key feature of the platform is the Pre-Release tool, which allows artists to launch campaigns for upcoming albums and enables fans to pre-save tracks on streaming platforms like Spotify and Apple Music.
British artist Jordan Adetunji described the platform as a “game changer,” noting its value in helping artists and their teams plan effective campaigns.
TikTok said the rollout reaffirms its investment in Africa’s creative economy and aims to foster deeper connections between artists and fans across the continent.
The platform is now available to all certified TikTok Artist Accounts, with access also extendable to managers and label teams.
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