76% of Companies Improved Their Cyber Defenses to Qualify for Cyber Insurance, Sophos Survey Finds

Recovery Costs from Cyberattacks Outpace Insurance Coverage 

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.

Joe Levy Appointed CEO of Sophos

Jim Dildine Named as Sophos’ New CFO

Sophos, a global leader of innovative security solutions for defeating cyberattacks, recently announced that Joe Levy is now chief executive officer (CEO) of the company. Levy has been acting CEO since Feb. 15. To drive a critical role in the execution of his strategy to shape the future of Sophos, Levy has named Jim Dildine Sophos’ new chief financial officer (CFO) and a member of his senior management team. 

Levy is a nearly 30-year veteran of innovating and leading cybersecurity product development, services and companies. During his nine-year tenure at Sophos, Levy drove the transformation of Sophos from a product-only vendor into the global cybersecurity giant it is today, including an incident response team and managed detection and response (MDR) service that defends more than 21,000 organizations worldwide. Levy also created SophosAI and Sophos X-Ops, an operational threat intelligence unit that joins together more than 500 cross-departmental cybersecurity operators and threat intelligence experts. Sophos X-Ops shares real-time and historical attack data with all of Sophos’ solutions, making them smarter and faster at defending customers from persistent cyberattacks. Levy has in-depth experience working with the channel, including managed security providers (MSPs), throughout his career, which he started in the mid-1990s as a cybersecurity practitioner and product and service innovator at a value-added reseller. 

Eastern Communications launches CIXA Security Solution for Cybersecurity Awareness Month

Eastern Communications and Sophos conducted a tech huddle event  to spread cybersecurity awareness among business leaders. 

The widespread digital adoption has brought significant transformations and advantages but also introduced new and evolving challenges when it comes to cybersecurity. The rampant cyber threats emerging from technological advancements today have prompted businesses to prioritize cyber resilience. 

With this, businesses in the Philippines are urged to augment their IT security. The National Cybersecurity Index (NCSI) ranked the country 48th out of 176 countries in terms of how it measures cybersecurity and preparedness for cyber threats with a score of 63.64%.  In fact, in 2022, three out of four organizations in the Philippines experienced a cyber incident, which is much higher than the APAC average (59%). 

Globe, Sophos team up to help businesses fight cyber threats

(L-R) Julius Suarez-Sophos ASEAN Systems Engineer,
Margaret Acibron - VP Sales for NetPlay Inc., Jett Ching-Sophos
Territory Manager for Netplay Inc. ,
 William Arnaiz - Globe Business Consulting Manager,
 Jojo Rafaeles- Globe Business Industry Sales Head
 at the Globe Business-Sophos Cybersecurity Forum

Globe Business, through its partnership with NCSI Philippines, welcomes Sophos as part of its Cybersecurity portfolio.  Sophos is an English security software and hardware company that arms businesses with the necessary tools to keep their operations secure and protected from cyber threats.

“Providing our customers with Sophos solutions is a step towards seeing 'businesses flourish.'  We recognize that one of the keys to a sustainable business operation is to ensure that customer network and endpoint devices remain secure over the long haul.  Globe and Sophos are here to provide the value of security,” said Peter Maquera, Globe Senior Vice President for Enterprise Group.