Overview
Durgan from SecureArm outlined the development of the cyber insurance market during this months SWCSC network meeting.
Stats
- In 2019, 11% of businesses had some kind of cyber insurance (99% payout)
- In 2020, 80% breached of businesses were breached, with 1 SME (small or medium enterprise) compromised every 90 seconds
- One third of UK businesses now have cyber insurance
- $23 billion in the cyber insurance industry
Cyber Insurance Market
Broader Insurance Market:
- Hard Market – Tough underwriting, reduced capacity, fewer competitors, higher premiums, restricted coverage
- Soft Market – Easier underwriting, increased capacity, more competitors, lower premiums, broader coverage
Cyber Plus Solutions – Durgan’s Cyber Insurance Product
- Technical alignment to Dell Security products
- If features are enabled and deployed professionally, then risk reduced
- Cyber Essentials
- Promoted by Tech companies, not Insurance Brokers
- FCA rejected
- The tool analyses: Technology score, People score, Governance score
- It provides a dynamic cyber insurance by issuing a regular review to determine cost
- It measures technical detail, appetite, and risk