Cybersecurity Insurance has been around for almost 25 years. Cyber Insurance is designed to cover all costs and expenses related to breaches when an organization has been hacked or from theft or loss of client/employee information. Today the cyber insurance market value is over US$7.4 billion and will grow to US$28 billion by 2026. But the losses attributed to cybercrime and ransomware specifically is over US$600 billion annually (about 1% of global GDP) with cyber insurers covering some of that cost.
The cybersecurity insurance industry has realized that many claims were paid to customers that did not minimize their risk exposure and are now taking steps to reduce the claims paid. Cyber insurers now require some form of risk assessment be completed to determine if a customer is eligible for a cyber insurance policy or a claim to be paid. Insurers no longer want to cover the cost of someone not proactively managing their risk.
This webinar will give insight into what cyber insurers consider when assessing the cyber risk of a customer. We will discuss the risk areas and best practices that are commonly considered and most importantly, how you can show lower risk. This is a must attend for anyone that has or is in process of purchasing cyber insurance.
Speaker: Desmond Ngu
Desmond is the Cybersecurity consultant for Sangfor International Marketing Department. Before joining Sangfor, he has worked in a top advisory firm which focuses in cyber security assessments from the offensive to defensive approach in managing cyber risks.