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Cyber Insurance – Can businesses ultimately protect themselves or are their current strategies leaving them exposed ?

There has certainly been an increase in Cyber insurance as a result of cyber attacks becoming more frequent and sophisticated. Enterprises are increasingly turning to cyber insurance to protect themselves against financial losses resulting from cyber incidents.

The Insurance Information Institute recently reported that the global cyber insurance market grew from $3.4 billion in 2016 to $7.8 billion in 2020, representing a compound annual growth rate of 23.5%. The report also projects that the cyber insurance market will continue to grow at a similar rate over the next few years.

The COVID-19 pandemic has also played a role in the increased demand for cyber insurance. With more companies shifting to remote work arrangements and now as there are far more flexible and hybrid environments professionally, there has been a significant increase in cyber attacks targeting workers and their devices. Business Wire reported in fact that such cyber attacks increased by 81%. So, as a result, many businesses are seeing the value in having cyber insurance as part of their risk management strategy.

However, whilst the Cyber Insurance Market is predicted to grow by $21bn by 2026 (review our White paper) and it will serve as important protection for enterprises, many are being rejected for insurance because they simply are not in a state of cyber security readiness for insurers to feel confident.

What are the core reasons Enterprises get rejected for cyber insurance?

Cyber security measures are just not up to scratch: If an insurer feels an enterprise has poor cyber security measures in place; if there are not proper protocols such as firewalls, antivirus software, data encryption for example, it significantly increases the risk of a cyber attack. So, in order to qualify for cyber insurance, businesses will need to demonstrate they have these measures in place.

If there a track record of cyber incidents: If a business has experienced ransomware attacks or data breaches, they will be considered by insurers as high risk and thus can refuse coverage because they will consider that there is a high chance of a repeat attack.

If they are a high-risk business: Enterprises managing large volumes of personal data, such as financial institutions or healthcare providers; Cyber Insurers may not consider these businesses wise to insure.

Insufficient Coverage: When only certain aspects of coverage are requested, Insurers may feel that this creates considerable doubt and may just completely refuse to cover the business at all.

Their financial health is in poor condition: A financially unstable business may be viewed by an insurer that they will potentially be likely to cut corners on cyber security measures and thus be unable to adequately recover from a cyber security attack.


So if businesses want to be cyber secure and have a layer of insurance protection, what can they do to get prepared?

Conduct a cyber security risk assessment: Before purchasing cyber insurance, it is essential to assess your business’s cybersecurity risks. This involves identifying potential vulnerabilities, evaluating the impact of a data breach, and reviewing the current security controls in place.

Discover all your assets: Many businesses we speak with are concerned with the fact that they simply are not mature enough because they cannot get to grips with where all their assets are, so obtaining that complete asset visibility will be essential in providing insurers the confidence they need to know that enterprises have all bases covered.

Implement cyber security best practices: Once you’ve identified your risks, you’ll want to implement cybersecurity best practices to reduce your exposure. This can include employee training, implementing multi-factor authentication, regularly updating software, and maintaining secure backups.

Develop an incident response plan: Your business should also have a well-defined incident response plan in place in case of a cyber security incident. This plan should outline the steps your business will take in the event of a data breach, including who will be responsible for handling the incident and communicating with customers and stakeholders.

Choose the right insurance coverage: Cyber insurance policies can vary significantly in terms of coverage and cost. Before purchasing a policy, you should work with an experienced insurance broker to identify the coverage that best fits your business’s needs.

Regularly review and update your coverage: As your business evolves, your cyber insurance needs may change. It is important to regularly review your policy to ensure that it continues to provide adequate cover and adjust your coverage as necessary.

Is this enough?

Not quite, there is more that enterprises can do.

As our research in collaboration with Liberty Specialty Markets explored, this still is not enough and Continuous Controls Monitoring can provide the assurance that Insurers need to provide the required levels of insurance.

Ensuring that all steps are covered will not only provide enterprises greater protection against cyber attacks but will also enable insurers the assurance and confidence that the businesses they are insuring are in the best shape they can be to be insured.

It’s important for businesses to work with their insurance provider to understand the reasons for any refusal and take steps to address highlighted issues. This may include improving cyber security measures, reducing risk factors, or improving the business’s financial health.









How Continuous Controls Monitoring Removes PCI Compliance Challenges

The Payment Card Industry Data Security Standard (PCI DSS) undergoes periodic changes soon to enhance security measures and adapt to emerging threats. Therefore It is imperative that businesses are fully prepared and remain continually compliant meaning utilising the technology of continuous controls monitoring. Continuous controls monitoring (CCM) provides real-time monitoring

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Liam Flavin

Intern Developer -

Ekaterina Kuzevanova

Back End Developer -

Mohamed Mohamud

Front End Developer -

Juan Morales

DevOps Engineer -

Luke Bakare

DevOps Engineer -

Rutvik Belapurkar

Technical Analyst -

Harman Singh Malhotra

Technical Analyst -

Jason Wilkes

Technical Lead -

Annie Greenfield

Marketing Executive -

Ian Waggott

Consulting Practice Director -

A very experienced and respected Senior Leadership Executive, with over 30 years’ experience in Information Technology, Information/CyberSecurity and Risk. Specialises in delivering business transformation, leading people through change and taking them on a journey to deliver and exceed company expectations. Highly regarded by his peers and colleagues across the globe. A very confident and effective communicator at CXO level, and valued as an expert presenter at numerous worldwide forums  . Across his career been in Senior CISO and leadership positions in Banking, Telco, Network & Utilities, Several UK Government Departments, 

Has extensive Cyber Security, Operational Risk, Compliance and Business Transformation expertise, gained across a broad range of industries. Former Director of Cybersecurity for CGI and CapGemini and Ex CISO for O2.

Will Tonge

Head of Recruitment -

Will has spent the last 9-years embedded in Cyber Security working with global, household names and innovative start-ups.

Passionate about bringing people and technology together, Will has worked in various settings, helping build high-growth organisations across multiple sectors. During this time, he has built an extensive network with access to some of the best talent out there.

Outside of QO, his young daughter keeps him well on his toes!

Shaun Barnes

DevOps Team Lead

Mark Hudson

Non-Exec Director -

Mark works with SMEs and charities to develop strategies to help them grow and access development capital. He is a NED, charity trustee and mentor to a wide range of people. His plural career started in 2017 after 16 years at pwc as a Deals partner working with large corporates and PE houses; at pwc he also ran the Retail and Consumer practice and was Chairman of the pwc UK Supervisory Board. Prior to pwc he was an executive director at Welcome Break and Iceland Group, and a partner at Bain and Company. He trained as an engineer at Imperial College and has an MBA from INSEAD. 

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Eamon Flavin

Non-Exec Director -

Eamon is a highly regarded and massively respected technology career professional as well as serial entrepreneur. He has started, grown and successfully taken to market three technology business.

Genuinely expert in technology, Eamon has enjoyed long-term working relationships with many of the world’s top companies and organisations in finance, banking, government, manufacturing, engineering, technology and the charities sector.

He draws on unparalleled contacts and experience and provides advice, solutions and recommendations, as well as helping respond to emergencies. Eamon has grown in-house and client teams and has a gift for hiring great people.

Peter Martin

Non-Exec Director -

Peter has the ability to do what many fail to and that is to consistently bring together highly professional teams and build a business environment that is supportive, agile, professional and where everyone enjoys coming into the office.

Bringing a unique blend of business acumen and technical knowledge to the role of non-exec director, Peter has already demonstrated his ability to bring an exceptional flair for dealing with complex situations with a clear, considered approach.

Personally, Peter brings humility and a strong moral compass to the team. His disarming and self-deprecating approach wins everyone over.

Anwen Haynes

Head of Marketing -

Anwen has worked in B2B and B2C marketing for over 20 years. From transforming end-to-end customer journeys in retail with strategic customer-centric plans to target driven focused strategies for B2B sales. With extensive experience in digital marketing including SEO, as well as Brand development, she loves to develop a cohesive approach to brand image and communications to drive and develop the business proposition and perception.

Alice Walker

Head of Customer Success -

Alice has worked in the IT industry for 20 years. Starting in Procurement, she moved into Software Asset Management before transitioning into Customer Success Management. Working across a variety of roles for different industries as both a customer and a service provider has given her a great understanding of what makes a great service. She has always been passionate about building and maintaining great customer relationships and helping her customers achieve their goals.

Owain Rowley

Lead Developer -

Owain has spent nearly a decade building software solutions and products within the cyber security sphere for the likes of government entities, large telecommunication companies, banks and card transaction companies.

This level of experience allows him to swiftly identify business and security processes that can be streamlined with automation, increase the efficiency of existing processes, as well as generate insightful data visualisations and models for members of an organisation at each different level.

Ami Penolver

Head of HR & Legal -

Ami is a finance sector career professional, with many years’ experience working in financial services, both in London and throughout the UK. In addition to financial control, she looks after HR and legal for the company.

Being a mother of two also equips her with the basic skills required to manage a senior team of management and technology consultants.

Ami’s sense of balance and perspective is an essential ingredient of the Quod Orbis culture.

Alastair Dickson

Commercial Director -

Alastair has spent the last 20 years working in Cyber Security and Risk Management. He is a passionate believer that security solutions should enable a business to take advantage of all the benefits of the digital world, while not putting the organisation’s data or productivity at risk.

Alastair has developed high-performing teams in some of the industry’s most competitive markets and launched new innovative technologies to market.

Being a rugby coach, and also having four sons at home, means he has lots of experience in keeping a passionate team in order but always has time for some fun!

Gary Penolver


Gary has 15 years’ experience in senior technology roles, and has already been closely involved in starting and taking two technology companies to market.

Totally comfortable with a fast-moving, state-of-the-art technical landscape, he helps his clients maintain and improve security and compliance.

He has a reputation for delivering pragmatic and easy to maintain solutions – business owners and managers enjoy knowing that the security and compliance is well managed and automated, properly instrumented and reported at a competitive cost point.

Honest, open, unflappable and very social, Gary is trusted by many household-name organisations to protect their, and their client’s data.

Martin Greenfield


Martin is an experienced technology and organisational transformation specialist and an excellent, proven leader and communicator in mission-critical operations, particularly in security technology.

Over the past 20 years, multi-billion pound commercial organisations, including global banks, utilities and major investment funds have trusted Martin to transform their operations to meet financial, operational and compliance targets.

Martin optimises operations, managing and transforming operational teams of between 50 and 500 people, to deliver the highest levels of audit compliance, risk management and financial efficiency.

Often working with other major consultancies and suppliers for new global corporate owners or management teams, Martin will help integrate and streamline operations on a global basis.

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