Cyber Insurance Market Boosting Cyber Security

The insurance industry sits squarely at the intersection of cyber risk management and market solutions. Because the threat is so broad and the world we live in is so interconnected, one common thread throughout the discussions was the need to scale cybersecurity services and the sharing of threat intelligence across all industries.
 

However just hours after Anthem, the second-largest US health insurer, announced it had suffered a massive security breach, the largest Lloyd’s of London insurer said cyber attacks are now too big for private insurance companies to handle. 
Insurance companies have previously pointed out that traditional risks, such as natural catastrophes, are more contained than cyberthreats. Earthquakes in Japan do not cause hurricanes in Florida, the FT noted, but a vulnerability in widely-used software or Internet architecture — both of which are turning up more and more frequently in cyberattacks — can bring down systems globally. That could leave insurers faced with simultaneous multibillion-dollar claims.
While that’s not a completely unfamiliar scenario for both insurance companies and insured businesses — it’s exactly what the Y2K “millennium bug” threatened — the Y2K risk was specific, technically well understood, and had a firm deadline of Dec. 31, 1999. Security vulnerabilities in widely used software are typically unknown until a breach occurs, and attackers frequently hit a few targets at a time, leaving many companies unaware that they too are at risk. In the case of Anthem, for example, the breach came after a series of attacks on smaller health insurance companies.
Some insurers offer cyberattack policies to help companies meet the costs of forensic investigations and lawsuits if they are attacked. But those policies come with high premiums and serious coverage restrictions.
The insurance industry sits squarely at the intersection of cyber risk management and market solutions, and because we have a unique view into the rapidly evolving set of cyber risk.  The insurance industry is well-positioned to drive improved public-private partnerships and should support access to threat information for organizations so they can better protect themselves.  So, as the various stakeholders focus on scaling cyber security measures, it will be important too for the cyber insurance marketplace to continue to scale insurance market solutions and risk management services across the all industries and segments. 
http://blog.willis.com/2015/02/cyber-insurance-market-has-key-role-to-play-in-boosting-cyber-security/

http://www.pymnts.com/news/2015/we-cant-cover-cyberattacks-says-lloyds-of-london-insurer/#.VO8RkEullHh

« Kasperky Identify The ‘Equation Group’
You’ve been hacked. Now what? »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

DataLocker

DataLocker

DataLocker offers both hardware based external storage and software based cloud storage encryption solutions.

Hillstone Networks

Hillstone Networks

Hillstone Networks offers a broad range of security solutions for enterprises and data center networks – whether physical, virtual, or in the cloud.

SRI International

SRI International

SRI International is a research institute performing client-sponsored R&D in a broad range of study areas including computing and cybersecurity.

Exostar

Exostar

Exostar is the cloud platform of choice for secure enterprise and supply chain collaboration solutions and identity and access management expertise.

Cybersecurity Collaborative

Cybersecurity Collaborative

CyberSecurity Collaborative is a forum for CISOs to share information that will collectively make us stronger, and better equipped to protect our enterprises from those seeking to damage them.

Quadible

Quadible

Quadible BehavAuth is an AI-platform that continuously authenticates the users, without the need of any input, by learning their behavioural patterns.

CyberInsureOne

CyberInsureOne

At CyberInsureOne, we break down the complex world of cyber insurance, and connect you with providers that can give you and your company peace of mind.

ReFirm Labs

ReFirm Labs

ReFirm Labs provides the tools you need for firmware security, vetting, analysis and continuous IoT security monitoring.

Elysium Analytics

Elysium Analytics

Elysium Cognitive Security Analytics delivers the latest and most flexible security system to reduce cost and complexity while providing unmatched scalability.

Space ISAC

Space ISAC

Space ISAC is the only all-threats security information source for the public and private space sector.

Keeper Security

Keeper Security

Keeper is a leading enterprise password manager and cybersecurity platform for preventing password-related data breaches and cyberthreats.

Phoenix Cybersecurity

Phoenix Cybersecurity

Phoenix Cybersecurity Services and Managed Security Services help clients just like you take full advantage of leading cybersecurity technologies and industry best practices.

DataExpert Singapore

DataExpert Singapore

DataExpert Singapore provide solutions and services in the areas of Digital Forensics, Data Recovery, Data Duplication, Data Degaussing & Wiping, Data Destruction, and IT Disposal.

SecureDrives

SecureDrives

Passwordless Authentication & Encrypted Data Storage Solutions from SecureDrives. We are enabling organisations to work safely and securely, using technology driven solutions.

Security Risk Management (SRM)

Security Risk Management (SRM)

SRM provide a comprehensive security risk management service encompassing people, processes, technology, governance, compliance and risk management.

Valimail

Valimail

Valimail delivers the only complete, cloud-native platform for validating and authenticating sender identity to stop phishing, protect and amplify brands, and ensure compliance.