The past decade has seen cybersecurity barge its way into the mainstream. A meteoric rise in attack rates during COVID-19, major incidents such as the Colonial Pipeline attack, and an increasingly tense geopolitical landscape have all contributed to cybersecurity’s current position at the top of global news feeds.
As cybercrime infects every facet of our daily lives, and technological advancements do little to stop the spread, many security professionals are turning to traditional solutions for a very modern problem.
Enter cyber insurance.
We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Recent research from Hiscox even found that a fifth of businesses across the US and Europe faced insolvency as a direct result of a cyber attack. Insurance would surely ease anxieties surrounding business continuity in the wake of an incident – wouldn’t it?
Unfortunately, transferring traditional insurance models to the cyber-sphere isn’t an easy task. The factors determining the likelihood of a cyberattack are both innumerable and largely unsubstantiated, especially when compared to the decades-old metrics that determine premiums for insuring a house, a car, or a life. As a result, it’s difficult to gauge how at risk an organisation is.
Cybersecurity professionals remain divided as to the future of cyber insurance. Many see it as an essential fail-safe for small businesses, many more its obstacles as insurmountable. Whatever your view, it is undeniable that the industry has some issues that need to be addressed.
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