Is cyber risk insurable? Our own Andrew Shaughnessy, CISSP, Director of Cyber Risk Services, spoke with Andrew Correll, CPCU 🥪 of SecurityScorecard on the question at the heart of the debate about the future of the cyber insurance industry. “While progress has been made around assessing the cybersecurity practices of single risks, supply chain impacts often remain obscure until the claims begin.” Read the full piece and perspective here: https://lnkd.in/g_7xQapm
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Vice President, Partner Insurance Office of America | Government Contracting | Defense Base Act Expert | CONUS & OCONUS Programs | Bid & Proposal Insurance Rates | Former US Army Officer | Picks up the phone!
🎃 October is Cybersecurity Awareness Month, making it the perfect time to reassess your cyber risk strategy. The rising cost of cyberattacks is pushing insurers to adjust their policies, and businesses must stay proactive in mitigating these risks. With average breach recovery costs hitting $4.88M, how prepared is your company to handle the impact? Contact me today to learn more about how to stay protected in this shifting landscape. #CyberInsurance #CyberSecurityAwarenessMonth #Insurance
How Cyber-Insurance Shifts Affect the Security Landscape
darkreading.com
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The evolving cyber insurance market is pushing businesses to enhance cyber resiliency, focusing on immutable backups and stricter data protection to mitigate the rising costs of ransomware and breaches. This shift aims to reduce downtime, ransoms, and overall risk, ensuring more robust recovery strategies.
How Cyber-Insurance Shifts Affect the Security Landscape
darkreading.com
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Per Forrester and Omdia, companies with cyber insurance coverage are reducing risk and are more likely to detect, respond and recover from data breaches and malicious attacks, compared to organizations without coverage. #cybersecurity
Insurance coverage drives cyber risk reduction for companies, researchers say
cybersecuritydive.com
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Per Forrester and Omdia, companies with cyber insurance coverage are reducing risk and are more likely to detect, respond and recover from data breaches and malicious attacks, compared to organizations without coverage. #cybersecurity
Insurance coverage drives cyber risk reduction for companies, researchers say
cybersecuritydive.com
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Expert in Network Design, Network Security, Datacenter, and Disaster Recovery Business Continuity
Per Forrester and Omdia, companies with cyber insurance coverage are reducing risk and are more likely to detect, respond and recover from data breaches and malicious attacks, compared to organizations without coverage. #cybersecurity
Insurance coverage drives cyber risk reduction for companies, researchers say
cybersecuritydive.com
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An interesting article on the impact of insurance on cybersecurity and rising costs. Too often, I suspect, businesses think they are transfering all their cyber risk to the insurer when in reality insurance is about residual risk. Therefore, organizations are still responsible for reducing their risk as much as possible through controls that reduce the threat actors’ chances of success, mitigate impact as much as possible, and enable rapid recovery.
How Cyber-Insurance Shifts Affect the Security Landscape
darkreading.com
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Cyber coverage used to be a conversation about what it might look like, today the conversation is either: 1. How the coverage is being applied for a current situation or 2. Why didn't we have this coverage earlier The first is always a better conversation and the tools most cyber coverage offer are essential for business today.
Insurers are preparing for a cyber evolution as the landscape of cyber threats continues to change rapidly. Joshua J. Parrish , president of RT Specialty San Diego, notes that the integration of cyber insurance and cybersecurity is becoming essential for effective risk management. https://hubs.la/Q02TsXyV0
Insurers brace for cyber evolution: 'It's like mandating seatbelts and airbags'
insurancebusinessmag.com
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Per Forrester and Omdia, companies with cyber insurance coverage are reducing risk and are more likely to detect, respond and recover from data breaches and malicious attacks, compared to organizations without coverage. #cybersecurity
Insurance coverage drives cyber risk reduction for companies, researchers say
cybersecuritydive.com
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VP Global Cyber Resiliency Strategy | UK South West Tech Cluster Advisory Board Member | Non-Exec Board Advisor | Security BSides London Conference Co-Founder | Regional Chair NCSC Cyber information Sharing Partnership
How Cyber-Insurance Shifts Affect the Security Landscape https://lnkd.in/eeNvGf7e <- agree “Recoverable Data Is Its Own Form of Cyber Insurance Companies [reducing] the cost of attacks by ensuring data remains recoverable, mitigating operational downtime, and preventing the need to pay ransoms” but focusing only on recovery is a mistake. Without understanding root cause and mitigating the vulnerabilities, persistence mechanisms and gaps in controls you’re not really building resilience.
How Cyber-Insurance Shifts Affect the Security Landscape
darkreading.com
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CISO, CTO, transformative leader, data evangilist, coach, mentor, strategist, cybersecurity expert, digital transformation sherpa and trailblazer, disrupter of the status quo, and tech evangelist.
This is a significant request. It's a "call to action so that the right partnerships can be put in place to help reduce the cyber risk protection gap in service of society." The referenced white paper (the call to action) is about addressing the cyber risk protection gap through strategies to enhance the functionality and risk-bearing capacity of the private cyber insurance market and identifying areas of limited insurability and non-insurability. This is not a light lift! But, not surprisingly, it's about implementation of basic cybersecurity hygiene. The actual paper is linked in the article and is a great read with some good ideas.
Key cyber insurance stakeholders urge government to help close $900B in uncovered risk
cybersecuritydive.com
🥪Sandwich Artist (Ex-Subway) |🎙 Host of Beyond the Policy 🔍 | InsurTech ATX Organizer | ☁️ Currently dreaming up Innovations in Cyber Insurance
2moMany thanks to Andrew Shaughnessy, CISSP and the Converge Insurance team for the insights! It’s a great way to highlight the increasing risk related to the vast policyholder supplier ecosystem. But there are solutions!