The latest cyber insurance trends

Recent events like the global IT outage caused by CrowdStrike, affecting services such as the UK's NHS and American Airlines, underscore the widespread impact of cyber incidents. These disruptions reveal the challenges of interconnected systems and highlight the growing importance—and complexity—of cyber insurance.

The ripple effects of such events make it tough for insurers to measure and manage risk, yet the market continues to surge. By 2027, cyber insurance is projected to exceed $28 billion in gross written premiums - more than double the amount written in 2023.

In this issue, we explore the latest trends in cyber insurance and how your business can stay protected ??

Why you need SIEM for your cyber insurance

Many cyber insurance providers now mandate that SIEM systems should be used for accurate logging and quick incident response. These systems capture detailed attack records, which are necessary for insurers to evaluate and manage legal, forensic, and recovery costs effectively.

Cyber insurance industry calls for Government support on 'uninsurable' risks

As the severity of cyberattacks continues to outpace traditional risk management approaches, insurers Marsh McLennan and Zurich are urging governments to step in and help address the growing "uninsurable" risks.

In their whitepaper "Closing the Cyber Risk Protection Gap", they argue that the scale of some cyber incidents rivals natural disasters, making traditional insurance models insufficient. To tackle this, they propose public-private partnerships to share the financial burden of large-scale cyber events. With rising premiums and unpredictable threats, closer collaboration between the public and private sectors is essential.

Cyber insurance checklist

Choosing the right cyber insurance can be complex, but it's essential for protecting your business. Use this checklist to ensure your policy provides the coverage you need:

1. Know your coverage: First-Party (covers direct losses e.g. data breaches, ransomware) or Third-Party (protects against claims from external parties e.g. legal fees, regulatory fines)
2. Assess your cyber risks: Industry-specific risks, company size, and IT vulnerabilities all affect your insurance needs
3. Meet insurer security requirements: Implement controls such as SIEM, MFA, encryption, regular backups, employee training and more to qualify.
4. Review exclusions & limits: Ensure coverage for all possible costs, including business interruption and ransomware
5. Check regulatory compliance: Make sure your policy covers compliance with GDPR, HIPAA, and other regulations
6. Incident response: Opt for policies with 24/7 access to cyber security experts and rapid response teams
7. Understand premiums & deductibles: Know what affects your costs and what you'll pay out-of-pocket after a breach
8. Vendor & supply chain coverage: Ensure third-party vendors are included in your policy, especially if using cloud services
9. Adapt to evolving threats: Look for flexible policies that can keep up with new threats like AI attacks and IoT risks.
10. Integrate cyber insurance with security strategy: Insurance is just one layer of defence - keep investing in strong cyber security practices.

Come and see us at DTX

Are you ready to transform your approach to cyber security? Join us this week at DTX Europe and explore how our solutions can strengthen your security and complement your cyber strategy!

Visit us on booth B70 to:

?? Receive a live demo of the Defense.com portal - See how our advanced tools can enhance your security posture, potentially lowering your insurance premiums by demonstrating proactive measures.

??? Speak to one of the team about managed services - Learn how our managed services offer continuous monitoring and support, which can be a key factor in your insurance policy's risk assessment.

?? Get an exclusive look at our phishing simulator - Understand how our simulation tool will help you identify and mitigate phishing threats, a crucial aspect that cyber insurers often evaluate.

Also, catch our CEO Oliver Pinson-Roxburgh on the Threat Detection stage on the 2nd of October at 14:35 for his talk:

"Inside the mind of a hacker: War stories of extreme measures to breach security"

We hope to see you there!

Check out our latest YouTube clips

Discover what insurers are looking for and learn how to make your security plans work for your business and get the most out of everything you spend.

And that's a wrap for this month's Defense in Depth! For more expert insights make sure you subscribe to get your monthly update ?

Struggling to meet cyber insurance requirements?

At Defense.com we offer expert guidance and support that can help you achieve a proactive cyber security mindset and give you confidence about reducing cyber risk.

We can provide comprehensive risk assessments; help identify vulnerabilities and pinpoint gaps in your existing security measures to provide recommendations for improvement.

With a Defense.com package, you can benefit from:

• Log monitoring
• Endpoint Detection and Response (EDR)
• Threat intelligence
• Vulnerability scanning
• Training and exams
• Phishing simulation
• Managed SIEM

To learn more about how we can support you visit our website or email us at [email protected].

About Defense.com?

Defense.com? is transforming the way businesses manage cyber security by allowing them to easily identify, prioritise and remediate threats.

We help to simplify and solve the cyber security challenges facing organisations, allowing teams to protect their brand and assets against today's evolving threat landscape. Businesses of all sizes rely on our solutions to protect, detect and respond to cyber threats.