Woodruff Sawyer’s Post

If you've ever felt overwhelmed or confused by the complexity of cyber data, we've got just the webinar for you. Discover our Data Advantage webinar where Mike Volk, Tiago Henriques, and Joe Toomey share how better data, practical deployment of AI, security-enabled underwriting, and personalized recommendations reduce complexity for brokers while helping you deliver better cyber insurance outcomes to your clients. Sign up at the link below, and we'll see you there on January 31. #Cybersecurity #CyberInsurance #RiskManagement

Why does #GenAI matter to insurers? Insurance evolves to reflect changes in the risk landscape and emerging technologies. It is estimated that the average cost of recovering from a data breach exceeds $4 million, highlighting the substantial financial repercussions associated with new cyber incidents. A surge in the demand for cyber insurance policies signifies increasing concerns about threats among businesses and individuals as Gen Ai attacks get increasingly frequent and complex. With the average time it took to carry out such an attack dropping to 62 minutes in 2023 from 84 minutes in 2022 - it appears that risk is still imminent. The recommended solutions to mitigate these risks still are: protecting the credentials, use of multifactor authentication and staying updated with latest versions of software. #Insurance #Technology #Cyberattacks #Cyberinsurance #RiskManagement

In 2023, the cost of a data breach in the U.S. soared to an unprecedented $9.48 million. Since 2013, these losses have been on a steady climb, even during the Covid-19 pandemic when many businesses closed their doors. IBM’s 2024 data breach report reveals that companies leveraging comprehensive AI security automation were able to save a hefty $2.22 million and reduce their cybersecurity insurance costs.

In 2023, the cost of a data breach in the U.S. soared to an unprecedented $9.48 million. Since 2013, these losses have been on a steady climb, even during the Covid-19 pandemic when many businesses closed their doors. IBM’s 2024 data breach report reveals that companies leveraging comprehensive AI security automation were able to save a hefty $2.22 million and reduce their cybersecurity insurance costs.

By virtue of how AI models work, it is important to understand how the technology impacts your cyber insurance policy. Cyber expert David Anderson, CIPP/US describes the AI risks that underwriters are scrutinizing. Discover more in our annual Cyber Looking Ahead Guide: https://lnkd.in/dfnMjcyz #wsguide #cyber #artificialintelligence #AI

I read an interesting article today about how companies are now required to have board members with a strong understanding of cybersecurity. This is a new SEC requirement in the U.S. It’s funny how the idea that companies should be managed by people whose decisions are backed by knowledge almost sounds... new! But it makes sense, considering how the number of cyberattacks is growing. And the market is responding. The cybersecurity insurance market is expected to grow from $13.3 billion in 2023 to $52.1 billion by 2032, with an annual growth rate (CAGR) of 16.4%. For InsurTech, this is especially important. We’re not just in a high-risk zone — we’re dealing with massive amounts of sensitive personal data. And let’s not forget that fighting fraud has been at the heart of the insurance industry since day one. The best approach for companies is to adopt a "security by design" principle, starting with cybersecurity strategy at the architecture stage. Is cybersecurity finally being treated as a standard practice across the industry, or are we still playing catch-up? #insurtech #cybersecurity #cyberattacks

🔍Why is this statistic so important? Companies in the United States are increasingly utilizing artificial intelligence to secure robust cyber insurance. MSSPs can play a crucial role by providing managed services with AI-driven solutions. This helps enable companies to present the necessary documentation to maintain or improve their insurance coverage. 🛡️DefendEdge is an MSSP that supports business resilience by equipping companies with tools to prevent and mitigate cyber-attacks. In result, this can lower the probability of needing to file a claim. Learn more about our 24/7 monitoring and other security features on our website: https://buff.ly/4b9ViIt #DefendEdge #MSSP #AI #CyberSecurity #Insurance

This is a shocking stat. So many companies only seek advanced AI based cybersecurity services after a costly breach. More and more insurance companies are requiring advanced cybersecurity approaches, such as those we provide. "Over the past 12 months, 62% of U.S. companies have filed a cyber insurance claim with more than 27% filing multiple claims within the same period. This staggering statistic comes via identity security specialist Delinea, which reported that U.S. companies are increasingly adopting advanced technologies like AI to secure strong cyber insurance coverage and mitigate rising costs." MSSP Alert 9/13/2024. https://lnkd.in/grQ45R5Y

Liberty cyber insurance experts examine the human choices that can cause cybersecurity errors and how organizations can encourage safer online behavior at work. https://lmsafe.co/pjRw

In the aftermath of Crowdstrike, I consider what we have learned so far. #markel #cyber #cyberinsurance #emergingrisk