Understanding the cyber insurance underwriting is essential knowledge for any organization in this day and age. As threat vectors continue to grow, it’s important that banks and financial services organizations have the right cybersecurity tools in place, and that includes cyber insurance. Applying for cyber insurance can be a lengthy process and it can be difficult to know what your costs could be. The choices your organization makes before and during the underwriting process can impact your premiums for years to come.
Join Stan Gatewood, a former Chief Information Security Officer and Jeffrey Smith, Managing Partner at CyberRisk Underwriters, on October 8 to explore how your agency can prep for the cyber insurance process. “We want to use threat analytics, user analytics, and predictive analytics on all that data that’s moving through our networks. We want to look at it and be able to predict what might happen,” said Gatewood. And cyber insurance takes this one step further.
According to the 2020 Blackberry Threat Report, ransomware attacks are on the rise and in the first half of 2020, ransomware incidents accounted for 41 percent of cyber insurance claims. According to the experts at Blackberry Cylance, organizations must recognize that well-organized and technically proficient threat actor groups can all-too-easily exploit holes in their security fabric. To protect themselves they must move quickly.
While many agencies are working to bolster their cyber efforts, cyber insurance adds another layer of protection if an incident does occur. Cyber insurance covers your organization’s liability for a data breach that involves sensitive information including Social Security numbers and health records. Register below to hear Gatewood and Smith discuss the importance of cyber insurance and how a lack of preparation may impact outcomes. They’ll also explore the technologies that can be implemented to lower cyber insurance costs and give tips on what underwriters are looking for.
