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

Find out more.