The importance of cyber security seems clear, and the recent Hiscox Cyber Readiness Report highlights the increase in the threats across Europe. Cyber security is a high-risk problem but fortunately there are solutions, for example the Isuna Cyber Compliance Platform, but we also want to help communication across other value propositions such as Cyber Insurance.
Cyber insurance provides coverages for some cyber risks and losses that may occur in case of an attack. The insurance can provide cover for a fine or services to support incident response. It is a growing market, expected to be worth $20 billion by 2026.
Worryingly from our research we found that small-medium enterprises
- Did not understand what is available or the coverage
- Were unsure of how cyber security insurance could help them
- Most said they did not have any intention of getting cyber security insurance
This is largely due to the complex and technical nature of cyber security.
Further, cyber resilience is hard to measure, and most businesses are not able to share needs or problems. This lack of transparency is also affective on the insurance industry, as in makes quantifying risk a more difficult process.
We are an EU funded project backed up in our mission of exploring pain points in the cyber security industry and exploring collaborative solutions. These pain points and solutions are explored through research-based case studies. In turn, we collaboratively share case studies to build a bridge for MKBs and cyber insurers alike. Here, we are reaching out to other key stakeholders such as AON, AIG, and Nationale Nederlanden as well as MKBs, and third-party organizations that like us are looking for solutions through collaborative processes.
We will share the results of the research in our continued case studies and the release of a white paper at a cyber insurance roundtable in September. Be part of this exciting opportunity to build knowledge and value within the cyber insurance sector. Contact us directly for more information.
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