Quod Orbis and Liberty Specialty Markets (LSM) have today released a White paper called The future of cyber insurance: navigating risk with real-time data that explores the role data can play to enhance understanding of the risk.
The newly released white paper is the result of months of research exploring the state of the global cyber insurance market following the 2022 Cybersecurity bench marking study.
Keynote facts from the paper explores the dilemma that material breaches rose 20.5% from 2020 to 2021 and over the next two years, security executives expect further increases in attacks as nation-states and cybercriminals become more prolific. Although 61% of CEOs across all sectors are concerned about cyber threats, due to the increase in business costs and insurance premiums many businesses are questioning whether cyber insurance is financially viable.
The LSM and Quod Orbis research, investigates how the corporate world needs better cyber security and affordably-priced cyber insurance supported by emerging new technology such as the Gartner recognised Continuous Controls Monitoring (CCM) platforms that are supporting businesses in developing an all-embracing, cohesive approach in identifying risk and mitigating any threats in real time. The conclusion is that CCM can provide both businesses and insurers the reassurance that the real time intelligence that the platform extrapolates, can help solve the issues facing the market with total visibility of their cyber security landscape.
Matthew Hogg, Strategic Head of Cyber Underwriting at Liberty Specialty Markets commented:
“Transparency around how businesses are reacting to systemic events and cyber exposures will improve confidence levels for insurers. It will enable insurers to increase cyber limits and provide more capacity in the future. Access to real-time intelligence through applications such as continuous controls monitoring, means we can more accurately profile the risk. Capturing real-time cyber data will allow insurers to model, interpret, and underwrite cyber risk at an individual level. This will provide long-term benefits for insureds.”
Quod Orbis’ CEO Martin Greenfield added:
“Rising costs in Cyber Security insurance coupled with an exponential rise in cyber-attacks has placed increasing pressures on business leaders. As they grapple with digitalisation, a remote work force, cloud adoption and legacy systems they face the challenge of preventing more sophisticated cyber-attacks. The development of continuous controls monitoring is certainly a hugely positive development in assuring insurance companies and businesses that they are continually monitoring their cyber landscape and IT controls in an ever-evolving environment.”
Access to the full white paper: Liberty Specialty Markets and Quod Orbis White Paper