Businesses are spending a small fortune on cyber security but what they are doing is not working very well, according to a cyber security expert who sees the insurance industry as a key to improving the situation.
“We have a lot of money going into trying to address this problem,” David Garrett, founder of Tensyl Security, a San Mateo, Calf. -based security consulting firm, told executives at the 2017 Super Regional P/C Insurer Conference in Lake Geneva, Wis. last month.
Businesses are spending more than $70 billion a year for cyber security tools and more than $3 billion in cyber liability insurance premiums.
Garrett identified several reasons cyber security efforts are failing including that current approaches to security ignore organizational cultural issues and that the “avalanche” of cyber tools is overwhelming buyers who have little way of knowing which ones work.