UK cyber insurance
Cyber insurance guidance.
What can you do with risk? Many UK organisations are turning to cyber insurance to offset liability that results from a cyber attack. Get guidance on technical controls and how they influence not only your premiums, but your eligibility for a policy in the first place.
UK Cyber Insurance Guidance, Simplified.
Marketplace confusion, overwhelming tool choice, policy lock-outs, and more – the UK’s climate toward risk is increasingly challenged by threat abundance and sophistication. And this can make it more challenging for businesses like yours to secure cyber insurance or liability planning.
But what do you do with risk?
Many are trying to understand the role of cyber insurance and how it can influence risk and liability. One of the critical building blocks in securing a policy, or lowering premiums for existing policyholders, is to align your business with proper technical controls. This means asking the right questions about cyber security products and tools and how they configure into your IT estate.
CSI’s Guidance on Cyber Insurance
Our experts are having a different conversation with security – we understand how rapidly and aggressively various risk types can influence a business’ key IT decisions. Our goal is to support UK businesses and slow down the effects of risks in delaying or disrupting meaningful transformation.
Find out how our certified cyber security expertise can support your business – whether you’re new to cyber insurance, or want to simply demystify the road to getting coverage.
The Road to Cyber Insurance
Cyber insurance is quickly becoming the go-to control for risk in the market. What once a cautionary tale, the likelihood of a cyber threat has alarming escalated into direct and urgent reality for all businesses in the UK.
But as ransomware and other cyber-attacks become more prevalent every year, the nature of, and attitude toward, risk is also changing. As risk grows, insurance becomes more challenging to acquire. According to our partner network and the Harvard Business Review the average ransom pay-out substantially increased from 2020 to 2021 by 82%. According to the same report, the volume of ransomware attacks rose by more than 150% over the entire period of 2020.
The steep rise in attacks will mean one thing for businesses: the road to cyber insurance will only narrow as premium inflate and policies start to feel out-of-reach.
“The uptick in attacks — and payouts — has meant steeper losses for insurers and dulled their appetites for this emerging and often volatile class of business.”
– The Harvard Business Review (HBR), The Cyber Insurance Market Needs More Money
Working closely with strategic technology vendors and other industry specialists, often including brokers, CSI is confidently able to guide UK businesses down the best path. This often translates into a set of technical controls, where security tools can help assure brokers that company’s are continually innovating and reinforcing their defences.
According to CSI’s State of Cyber Security Report…
Only ten percent of businesses are confident in their cyber insurance policy.
The overwhelming majority of cyber professionals are kept awake thinking about risk.
Polled businesses believe the current economy will only spur more cyber threats.
The Challenge with Cyber Insurance.
The ‘hardening’ of the cyber insurance market has created the first major issue with getting insured. But the challenges with cyber security don’t end there.
Many businesses will find at least one area of vulnerability not covered in their existing cyber security strategy – and that can be the entry point for risks and more.
CSI has identified, simplified and prioritised the core challenges that most UK businesses will share as they close in on cyber insurance. →
#1. Costs are rising
Premiums are ballooning and this will cause reluctance to cover risks traditionally. Boardrooms are even hesitant to grow cyber budgets to match the risks outside – even harder is the riddle of where to spend your cyber security budget.
#2. Major shortage of cyber skills inside and out
It’s not just a training issue with your talent, but hiring skills from the outside is increasingly tough as fewer cyber professionals are available on the labour market.
#3. Insurer selectivity
The hardened insurance market is creating selectivity amongst those industries who qualify for coverage.
#4. Perception of cyber insurance
You can’t simply transfer risk to an insurer. So, what are you hoping to gain from cyber insurance?
Recommended Topics for Cyber Insurance
Let’s Talk Tools.
Building up, and reinforcing, your environment with the right arsenal of cyber security tools is a challenge that many businesses don’t even know they face.
Some environments might be overwhelmed with tools; in other scenarios IT professionals might find the market confusing to navigate. Either way, technical controls are a default in any strategy to remediate, manage and address risk. But did you know that tool misconfiguration can create a vulnerability just as capable as causing devastation as a strategy lacking technical controls?
Cyber security tools need expertise to align with value – and insurers know this. CSI’s cyber security consultants work closely with businesses, especially those in regulated industries, where there is a requirement for cyber insurance. Our expertise has the flexibility to address the key concerns – and when it comes to cyber security tools, we can help simplify your protection options, deploy (or configure) tools, and even guide on best practices that have been suggested to improve cyber insurance acceptance.
Book a call today to learn how we can help unlock value from your cyber security tools.
Recommended Cyber Security Controls
If you are on a journey to cyber insurance, CSI is partnering with businesses and helping decision makers pull the right levers for success. Below we have outlined the recommended eight technical controls for cyber insurance in the UK.
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