How we help mitigate the 30% + global rise in cyber insurance premiums
Welcome to my first blog for Simoda, I thought I would start with a subject which I enjoy and one that I am having daily conversations about with Simoda customers.
In my role I have to keep an ear to the ground to know what is happening in the IT market place & this is never more so than with the ever changing world of cyber security.
Cyber insurance premiums have increased by 30% and some even stating a 45% increase within the last 12 months.
A hot topic right now is the global increase in cyber insurance premiums, according to reports cyber insurance premiums have increased by 30% and some even stating a 45% increase within the last 12 months. However more concerning is that most providers are actually reducing coverage as well as increasing premiums, some brokers are even dropping ransomware coverage from their portfolio entirely.
Until recently, cyber has been a lucrative business for insurers, and the market has grown quite a bit over the last five years. Premiums have more than doubled since 2016, outstripping other insurance commercial sectors.
Insurers are now demanding additional tools & services
Some insurance providers are now requesting the client to invest in additional cyber security products, tools or services before they are able to evaluate the risk and ultimately provide a cost for cover. Most businesses will take the costs on the chin as a part of their risk mitigation strategy but there is a better way.
I have been engaged with businesses discussing what we can do to help reduce their cyber security insurance premiums. We have lots of point solutions available to businesses and we are happy to help if this is the preferred way to manage your cyber risk however a certain way of reducing premiums while making sure you are fully secure is by adopting a solution that manages your security threats via a SOC (security operations centre).
Good news from Simoda is that we deliver SOCaaS (as a service)
How can you reduce your premiums
Operating a SIEM/ Log management platform
24/7 security Operations capability with human response capability
Successfully operating a 'good quality' Endpoint protection EDR
Effective vulnerability management processes to remediate urgent risk
Our MD Daniel Bumby recently interviewed the CTO of security specialist Arctic Wolf, Ian McShane where they spoke about a ticket to a better life.
watch it here
Reach out to me today and we can discuss how to reduce your cyber security insurance premiums.
Thanks for reading
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