Changes to Midmarket Security Priorities in a Down EconomyArctic Wolf's Nick Schneider on Why It's Hard to Get Insurance at a Reasonable Rate
Digital transformation has expanded the attack surface with cloud and SaaS applications and led to more users working outside the corporate network, said Arctic Wolf President and CEO Nick Schneider.
Midmarket businesses have prioritized security spending around detection and response, vulnerability management, cloud security and attack surface management to better grasp what they're protecting and how well they're protecting it, Schneider said. Organizations have increasingly focused on ensuring their security posture allows them to get a cyber insurance policy at a reasonable premium, he said (see: Arctic Wolf CEO on Incident Response, M&A, Cyber Insurance).
"There are a lot more barriers to entry for any size organization to either retain or get a policy at a premium that is reasonable now," Schneider said. "And what that means is companies have to be able to improve their cybersecurity posture and, at minimum, have the table stakes completed. And then they have to be able to prove to the carriers in the insurance market that they're actually doing that."
In this video interview with Information Security Media Group at RSA Conference 2023, Schneider also discusses:
- Emerging issues around security cloud and identity attack surfaces;
- Top security challenges associated with the economic downturn;
- If startup valuations have fallen enough to make M&A attractive.
Schneider has more than 15 years of experience in building global, high-growth technology companies spanning both emerging and established markets. As a veteran in the security industry, he has developed expertise in creating best of breed technology platforms and world-class sales organizations.