Begun work on my 2nd book. This one is focused on insurance and cyber. 1st book: “Stone Tablets to Satellites: The Continual Intimate but Awkward Relationship Between the Insurance Industry and Technology".
There will be significantly more of these systemic cyber attacks and concomitant losses in the weeks, months, and years ahead.
Cyber risks are nothing like any other risks the insurance industry has seen and profitably underwritten through the many hundreds of years of the industry’s existence. Nothing, Nada, Zip, Zilch.
These systemic cyber attacks should be ‘underwritten’ only by the US Federal Government.
#cyber#cyberattacks#systemiccyberattacks#federalgovernmentbackstop
... and it is worth looking at the subtitle: "SMEs targeted only a little less than larger organisations". This means that being small(er) will not protect you.
And yet... we keep hearing things like: "we are having to let people go, there is no room for cyber spending right now", "we feel that we are in a good position when it comes to cyber", "we will probably address the issue in the second half of next year" and suchlike.
Of course, we are not facing easy times. There is a lot of pressure, and spending on external resources is often seen as the first thing to go. Having said this, the expert view from outside often identifies cost savings in cyber security and cyber risk. More than once, we found that a "historically grown" landscape in IT and security could be optimised and refocused, without compromising protection and resilience levels.
British businesses have lost a shocking £44bn to cyberattacks in the last five years, according to a new report from insurance provider Howden.
Worryingly, 26% of those surveyed cited costs as their biggest limitation to robust cybersecurity.
And with our own research from ISACA’s recent State of Cybersecurity finding that 58% of European cyber professionals feel their organisation’s cybersecurity efforts are underfunded, it is clear that investing in cyber teams is not a choice for businesses – it is a necessity.
You can read more about Howden’s study here: https://bit.ly/3OVujXL#cybersecurity#ISACA
British businesses have lost a shocking £44bn to cyberattacks in the last five years, according to a new report from insurance provider Howden.
Worryingly, 26% of those surveyed cited costs as their biggest limitation to robust cybersecurity.
And with our own research from ISACA’s recent State of Cybersecurity finding that 58% of European cyber professionals feel their organisation’s cybersecurity efforts are underfunded, it is clear that investing in cyber teams is not a choice for businesses – it is a necessity.
You can read more about Howden’s study here: https://bit.ly/3OVujXL#cybersecurity#ISACA
1/5 of clients experienced a cyber reportable incident last year. The median ransom payment amount has increased. Lastly Ransomware made only 20% of the 1800 claims studied. Read the linked report for more insights. #cyber#cyberinsurance
I accept the implementation of the UK’s National Cyber Strategy isn’t perfect. It’s development and deployment has had its challenges; however, the report has noted some positive movement forward in several areas and valuable lessons have been learned. In short, it’s an iterative process, failure isn’t failure if you learn from it. #cybersecurity#cyberresilience
Nationwide survey reveals small business owners frequently underestimate cyberattack recovery costs. Don't fall into this trap! Reach out to me today for expert assistance in safeguarding your business from cyber threats. #CyberSecurity#SmallBusinessProtection
With cyber attacks rising in number, how can businesses protect themselves against the risk of suffering multiple incidents in a single policy period?
CFC has built unlimited reinstatements into the core of their insurance product. If a first cyber event wipes out the original policy limit, to ensure a second unrelated cyber event is covered, CFC reinstates the limit—helping businesses remain resilient to whatever’s round the corner.
Contact me at [email protected] to see how you can get access to this product and feature for your client insureds.
#cyberinsurance#cyber#insurance#limits#reinstatement#breach#hack#ransomware#socialengineering#fraud#crime
