Findings from a new released study show a strong correlation between the uptake of cybersecurity insurance and compliance with data regulations among Colombian companies.
Over half (58%) of Colombian respondents to ManageEngine’s recently released State of Cybersecurity in Latin America 2024 report acknowledged that their companies encountered an increase in cybersecurity breaches in 2023 when compared to previous years.
And 68% of those respondents admitted that employee accidents are the leading reason why most attacks occur – closely followed by external entities at 67%.
Compared to the regional average of 92%, Colombia ranked slightly lower in acknowledging the significance of AI in cybersecurity, reflecting a nuanced landscape.
The study’s findings reveal a strong correlation between the uptake of cybersecurity insurance and compliance with data regulations among Colombian companies.
Despite the positive impact cybersecurity insurance has had on Colombian businesses, it is noteworthy that 54% of respondents reported successful claims, which is lower than in other surveyed countries. This suggests that while adoption of this specialty insurance is growing, there may still be room for improvement in terms of understanding and utilizing the benefits it offers.
When examining the requirements for purchasing cybersecurity insurance, it was evident that adherence to data protection regulations is a top priority for Colombian companies, with 73% citing it as a crucial factor.
This aligns with the broader trend seen in compliance, where a significant majority (79%) of companies claim to be currently compliant with all data protection regulations, with an additional 20% aiming to achieve full compliance by the end of 2024.
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