First things first, we do not believe in having to choose between cyber insurance and cybersecurity. Cyber insurance is not a replacement for cybersecurity. We are passionate about working with the cybersecurity industry and strongly believe collaboration is the only way forward.
The need for cyber resilience and cyber defence has never been greater. At Assured, we live and breathe cybersecurity and believe in raising the cybersecurity bar. But we also know that often, despite best intentions and efforts, defences do fail, hackers do prevail, and companies need a backstop.
A recent study estimates that cyber criminals can penetrate 93% of company networks.
According to estimates, a company falls victim to a ransomware attack every 11 seconds.
In 2022, global cyber attacks increased by 28% compared to the same period in 2021.
On average, organisations with cyber insurance resume business within 3 days. That’s 24 days quicker than those without.
68% of business leaders feel their cybersecurity risks are significantly increasing.
The cost of cyber crime is predicted to hit more than $10 trillion by 2025, up from $3 trillion USD in 2015.
We do not believe in outsourcing accountability. But we do believe in transferring that risk, and we exist to be that backstop for organisations when (not if) security fails.
It’s important to remember that when a cyber incident occurs, the organisation is the victim. Victims deserve the best chance of getting back on their feet and up and running as quickly as possible with the least amount of damage incurred.
In cyber, there are no silver bullets and cyber insurance is as far from a silver bullet as any. That said, if done correctly, it truly is a game-changer.
Good cyber insurers now demand a demonstration of effective security practices to grant coverage. The new chapter of cyber insurance works as a catalyst to improve security, working hand in hand with end users and the vendor community to lift the baseline. We fully endorse this. Just as we have been founded to raise the bar for the broking of cyber insurance, we commit to working with the industry to raise the bar on cybersecurity resilience too.
Cyber risk is now undoubtedly a Boardroom issue. Yet, with long to-do lists, CEOs and other senior execs often don’t have the headspace to trundle through technical reports and policies doused with acronyms and terminology they don’t understand.
That’s where we come in. We’re here to give executives the knowledge and confidence they require, we’re here to add value, and we’re here to match organisations with the right cyber insurance policy.
Phil Muncaster takes a look at the EU’s new blockbuster rules for the IT sector and financial services