Cyber Insurers jostle for pole position in exploding market
Reduced risk equals reduced premiums or other incentives.
Reduced risk requires continuous visibility and monitoring and assessment.
The Black Box vehicle insurance model provides a framework for understanding how information transmitted to a ” data centre ” about the way a young person drives a car will result in that person receiving a reduced premium or other incentives .. or not.
If business owners run their businesses in a way that ensures practical protection against the most common cyber attacks then they will equally be rewarded.
This model already exists in a simple way. Right now if you go to certain Cyber Insurance companies and you have the Cyber Essentials certification you will get incentives for this.
However Cyber Essentials is like your MOT – it is an annual event and a lot can happen within the year. Your systems can be altered so that ” holes ” appear for example.
It is likely that Cyber Essentials will recommend and Cyber Insurers will insist upon continuous monitoring against the Cyber Essentials ( or equivalent in other countries ) standard.
Exactly like the vehicle black box requirements.
Exactly how this ” Black Box for Businesses ” that we have will be utilised and what incentives will be provided has yet to be determined.
For certain many cyber insurers want to provide the best solution at the best price. They want to either remain or become the premier provider of cyber insurance globally.
If you speak to cyber insurance brokers about who is the best underwriter in the space at the moment it comes down to the clients specific requirements and the wording in the cyber insurance terms and conditions and the coverage of certain risks.
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