Redefining Cyber Insurance to Meet Today’s Cybersecurity Challenges

In a landscape where cyber attacks are constantly evolving, is your business insurance keeping pace?

Welcome to another episode of Razorwire! I'm your host, Jim, and today we dive deep into the dynamic world of cyber insurance. Neil Hare-Brown and Matt Clark, two industry experts, are with us to share their wealth of knowledge and insights on how cyber insurance has changed to address today's security challenges.

In this episode, we cover the critical role of cyber insurance in modern security strategies, from mitigating the financial impact of cyber incidents to navigating the details of underwriting and premium setting. We also discuss the increasing trend of third party attacks and why companies must prioritise reviewing their vendors and suppliers. By the end of this episode, you'll have a clearer understanding of why cyber insurance is no longer a luxury but a necessity, and how you can leverage it to bolster your organisation's cyber resilience.

Key Talking Points:

1. Rising Costs and Frequent Threats: Neil explains why cyber insurance is crucial for mitigating significant financial impact of cyber crime.

2. Underwriting and Premiums: Matt tells us how insurers use data and tools like ransomware calculators to set premiums and how businesses can proactively improve their cybersecurity posture.

3. Vetting Third Party Vendors: We discuss why we must thoroughly assess third party providers, with insights into new insurance services and facilities aimed at helping businesses manage and recover from cyber incidents more effectively.

Tune in to discover how cyber insurance can be an integral part of your organisation's defence strategy and ensure you're prepared for whatever comes your way.

Cyber Risk Management:

"I think there is still quite a long way for businesses to go, for boards to appreciate that cyber risk management is not an operational problem."

Neil Hare-Brown

Listen to this episode on your favourite podcasting platform: https://razorwire.captivate.fm/listen

In this episode, we covered the following topics:

- Impact of Cyber Incidents: How to accurately estimate the financial repercussions of cyber attacks.

- Ransomware and Business Email Compromise: We discuss the current trend for ransomware and business email compromise, and how to protect your organisation from the increased frequency and severity of the attacks.

- Double Extortion and Data Breaches: The evolution of cyber threats which includes tactics like double extortion and significant reputational harm.

- Using Data to Inform Insurance: How data from insured cyber events helps give risk insights for setting premiums.

- Proactive Cyber Risk Management: Why it’s essential to have a cyber champion on the board.

- Third Party Risks and Cyber Insurance: Third party attacks can severely impact businesses, highlighting the need for comprehensive cyber insurance.

- Evolving Insurance Facilities: New offerings such as breach response services are becoming more accessible and affordable.

- Post-Incident Actions: Breach experiences often lead companies to enhance cybersecurity measures and seek appropriate insurance coverage.

- SMEs and Cybersecurity: Smaller enterprises struggle with maintaining effective cybersecurity processes and benefit greatly from cyber insurance.

- Continuous Learning in Cybersecurity: Why we must continue to learn and evolve for effective cybersecurity strategies.

Resources Mentioned