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That’s where cyberinsurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyberinsurance to help manage the associated financial risks.
In its modern iteration, cyber liability insurance mitigates the losses and business costs associated with cyber incidents and resulting downtime. CyberCube, a company specializing in quantifying cyberrisk, estimates that the U.S. standalone cyberinsurance market could reach $45 billion in premiums by 2034.
Recently, while co-hosting a webinar that kicked off Cybersecurity Awareness Month, a panelist commented that cybersecurity and privacy are team sports on a campus, much like our athletic teams. We’ve heard from campuses that haven’t widely implemented MFA yet that their cyber liability insurance providers are now requiring it.
The state of cyber liability insurance The topic of cyber liability insurance is full of datapoints, statistics and graphs all showing upward trajectories. In the long run, a solid cyber security practice could also bring premiums down, ensuring a ‘belt and braces’ approach for the company.
So, on a recent webinar , I sat down with Darren Thomson, Head of Cyber Intelligence Services at CyberCube , a firm that provides data-driven cyberrisk analytics for the insurance industry. As we discussed on the webinar, it's undoubtedly our common adversary, ransomware.
Click here to watch the roundtable and learn about the future of cyberinsurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of CyberInsurance and MSP Insurability. of Morris Risk Management, John Franzino of Grid Security Inc.,
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