Protecting your assets from cyber attack with Egnyte

In today’s hybrid and remote-first office environments, content is one of the most exposed corporate assets. Egnyte is laser-focused on providing a secure platform for content collaboration and governance that helps customers to improve data security, facilitate compliance, detect and recover from ransomware threats, and boost employee productivity.

Here in the UK, Egnyte’s EMEA team is based in The Pinnacle building in central Reading. The Reading team works in tandem with four U.S. offices, and the company also has a presence in Poland and India.

Egnyte’s Chief Revenue Officer, Stan Hansen, is based in Salt Lake City, Utah, but regularly visits the EMEA team in Reading. He is also a board member of the local proactive business forum, Reading’s Economy and Destination Agency (REDA).

On Hansen’s most recent trip to Reading, Egnyte hosted a joint customer event at the iconic Bremont Watch Technology Centre near Henley-on-Thames with Marsh Commercial. As part of one of the world's leading insurance broker and risk advisors, Marsh McLennan, Marsh Commercial helped link the spheres of cybersecurity and cyber insurance for business customers in the UK.

Importance of Cybersecurity Protection

During the event, Chief Security Officer Kris Lahiri (pictured above right) – who travelled from Egnyte’s headquarters in Mountain View, California – provided insights on the current state of ransomware. He also shared findings from Egnyte’s recent Cybersecurity Trends for Mid-Sized Organisations Report-, an independent study of 400 IT leaders. When it comes to cyber insurance, the report indicates that premiums continue to rise. In fact, 47 percent of organisations experienced cyber insurance premium increases of 76 percent or more in the past year.

The findings reinforce that cybersecurity preparedness and cyber insurance premiums go hand-in-hand. Ransomware has an impact on premiums, and an organisation’s ability to manage ransomware effectively is a key factor in the cyber insurance renewal process.

Marsh Commercial’s Thames Valley Regional Director Lee Gwilliam believes that having the right technologies in place is key to enable businesses to stay one step ahead of cyber threats like ransomware and help keep cyber insurance premiums manageable.

“Receiving sound technical advice and solutions are key when navigating the prominent field of cyber crime, especially in a world where digital risk exposures are reaching increasingly high stake and complex levels” said Gwilliam.

The cyber insurance marketplace has witnessed unprecedented changes, influencing how cyber risks are perceived and evaluated. Not only have there been large payouts from ransomware attacks but companies have also been susceptible to supply-chain risk. In addition, the pandemic accelerated businesses’ adoption of digital technologies, which in turn, created new threat vectors.

To highlight the ongoing changes and requirements in the insurance sector, Marsh’s 2021 report UK Cyber Insurance Trends offers advice on those experiencing changes in their cyber insurance purchasing patterns, cyber claims trends in the UK, and how cyber insurance pricing is changing.

Overall, Egnyte and Marsh Commercial brought together some crucial factors of the cyber insurance world and focused minds on best practices in risk mitigation.

“This event was a great opportunity to educate the Reading community on the rapidly-evolving cyber threat landscape,” reflected Hansen. “While the effects of ransomware and rises in cyber insurance premiums can have a significant impact on a company’s bottom line, there are several best practices that enable organisations to harden their cybersecurity defenses, including implementing ransomware detection and recovery, creating a comprehensive incident response plan, and utilising Multi-Factor Authentication.”

Egnyte’s all-in-one platform makes it simple and easy for businesses to manage and control a full spectrum of risks, such as data exfiltration, regulatory compliance, data privacy, and much more. Over 17,000 businesses worldwide use Egnyte to secure and govern their content on any app, any cloud, anywhere. For more information on how Egnyte can help jump-start your cybersecurity protection, please email [email protected].