Following the news that:
Number of Firms Unable to Access Cyber-Insurance Set to Double
Number of Firms Unable to Access Cyber-Insurance Set to Double – Infosecurity Magazine (infosecurity-magazine.com)
The cyber insurance industry finds itself in a bit of a bind. Cyber attacks have become so commonplace that many providers have been forced to increase premiums and reduce coverage. This, in turn, leads to fewer small businesses with coverage and the correct controls in place and more successful attacks as a result. In other words, a vicious circle.
However, this doesn’t mean cyber insurance doesn’t still have a role to play, it’s just that the model needs a tweak. One approach that works is ‘embedded insurance’. This involves the business completing a certification like Cyber Essentials in order to access reduced coverage. It means that insurers can be sure their customers have the right protections in place and businesses benefit from insurance that doesn’t break the bank.
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