A personal letter to all CISO's

Dear CISO

In an era where cyber threats are evolving at an unprecedented pace, the role of a CISO has never been more critical. During the past 30 years within the cybersecurity industry as CTO for global cybersecurity brands spearheading some of the world's most advanced cyber technologies, I have witnessed first-hand the relentless onslaught of change in the industry. However, my recent transition to the cyber insurance industry as the head of proactive cyber has unveiled a new frontier for the future of mitigating and transferring cyber risks and threats.

Traditionally, cyber insurance has been viewed as a financial safety net, a promise to cover losses in the aftermath of an incident. While this reactive approach has provided some solace, it is far from sufficient in today’s threat landscape. The paradigm is shifting, and a cyber insurance product that works proactively to prevent claims on behalf of the policyholder is at the forefront of this evolution. This innovative approach is not merely about financial reimbursement but about fortifying your defences, anticipating threats, and neutralising them before they materialise.

As a veteran in the cyber industry, my eyes have been opened to the transformative potential of proactive cyber insurance. I was once among the naysayers, sceptical of its value. However, having delved deeper into its mechanisms and benefits, I now understand its game-changing nature. A proactive cyber policy offers real-time threat intelligence, zero-day coverage, and continual attack surface management - all without imposing any operational costs on your business. This is not just an incremental improvement; it is a revolutionary approach that provides immense value to businesses of all sizes.

Many colleagues in the cyber security industry were puzzled by my decision to move into cyber insurance. The transition seemed unconventional to some, but it has become increasingly clear to me that a proactive insurance offering can be the most effective way to reduce risks and threats for business. The essence of proactive cyber insurance is in its preventive nature. By leveraging unique threat intelligence and thinking like a hacker, we can identify vulnerabilities and potential attack vectors long before they are exploited. This is not about installing more technology or adding complexity to your already burdened IT infrastructure. Instead, it is about strategic foresight and real-time intervention that complements the IT infrastructure and works hand in hand with Incident Response, the function that kicks into action in the event of a cyber incident

A troubling trend has emerged over the years: despite significant investments in cybersecurity technology, the number of cyber breaches continues to rise. Data from various industry reports indicates that the global cybersecurity market is projected to grow from $173 billion in 2020 to $270 billion by 2026. However, the frequency and severity of cyber breaches have also increased during this period, suggesting that more spending does not necessarily equate to better protection. This paradox highlights the need for a new approach—one that goes beyond reactive measures and focuses on proactive defence strategies.

One of the key differentiators of proactive cyber insurance is its ability to provide actionable insights and early warnings. Our team continuously monitors the threat landscape, analysing patterns and behaviours that may indicate an imminent attack. When we detect a potential issue, we alert you promptly, allowing for immediate action to be taken. This approach ensures that you are not just reacting to threats but are actively preventing them from disrupting your operations and reducing your operational costs be only informing you of events that matter.

Moreover, it is crucial to understand that not all risks and threats will lead to a cyber incident. This is where the magic of proactive cyber insurance comes into play. As an example, CFC has the incentive, the data, and the intelligence to sift through vast volumes of information, identifying the noise and pinpointing what is truly going to cause you a problem. This capability allows us to focus on the most significant threats, ensuring that your resources are used efficiently and effectively.

Additionally, the value of proactive cyber insurance extends beyond threat risk detection. Cyber experts collaborate closely with your organisation to enhance your overall cybersecurity posture based on risks and threats that have been identified. The goal is to create a resilient and adaptive security environment that can withstand the dynamic nature of cyber threats.

As a CISO, imagine a world that not only promises to pay but also provides you with a promise to protect, without the need to install, maintain, or manage any technology. Furthermore, this approach includes access to a global incident response team of hundreds of experts, should an event occur. This is the vision and promise of proactive cyber insurance - a service to identify an event before it occurs.

These full-service capabilities indicate how cyber insurance has grown out of its adolescence and matured into a real-time service. Gone are the days of cyber insurance being complex to navigate, accompanied by complicated application forms and pages of exclusions. Instead with a specialist broking partner that has visibility across insurance markets, you can get a seamless experience and benefit from a best-in-class product at a worthwhile cost, especially when compared to the cost of cyber protection for those without insurance. ???

In conclusion, the move towards proactive cyber insurance represents a significant leap forward in our collective effort to combat cyber threats. Cyber insurers are not the enemy – the threat actors are, and nobody is more incentivised to reduce your exposure and mitigate risk than cyber insurers are for their policyholders. It transforms the traditional promise to pay into a promise to protect, offering a comprehensive solution that addresses the root causes of cyber risks. As someone who has been deeply entrenched in the cybersecurity industry, I am excited about the potential of this approach to redefine how we safeguard our digital assets and focus on supporting businesses in reducing and managing the risks and threats that matter

The role of the CISO is evolving, and so too are the services and strategies at our disposal. Proactive cyber insurance is not just a safety net – it is a shield, a guide and an ally that provides real value and addresses a gap that business have without the need to translate complex cyber language into business context. Together, we can remove the barriers of cyber in a way that is accessible to all.