Evaluating the Effectiveness of Cyber Insurance: Is It Fit For Purpose?

Razorwire Cyber Security

Most businesses will have a plethora of insurances - employer liability, public liability and indemnity, for example - but what about cyber insurance? It is a relatively new area of insurance, although the risk has existed almost since we started using computers and mobile devices.

According to the UK Government Cyber Security Breaches report, 39% of UK businesses have identified at least one cyber attack in the past 12 months, making cyber insurance more crucial than ever.

Nobody knows more about risk than people that work in insurance, so I have invited Matt Clark, expert in international risk management and insurance, to join me for this new episode. We discuss how cyber insurance has evolved from solely protecting breaches to covering risks and how insurance companies calculate premiums based on threats in cyberspace. Further, we cover the expectations of both the company and insurer in the case of a breach and the rising cost of cyber insurance.

Listen to this episode on your favourite podcasting platform.

If you are a new listener to Razorwire, we would love to hear from you. For more information about us or if you have any questions you would like us to discuss on the podcast email [e-mail].

In this episode, we covered the following topics:

• An overview of cyber insurance and how it has evolved since it was first introduced
• Who really needs to have cyber insurance?
• How cyber insurance companies calculate your insurance premiums
• The challenge of promoting awareness of cyber insurance in companies
• Do the expectations of the company and the insurer differ in the event of a breach?
• Is cyber insurance becoming more expensive and what value do you get for your money?

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Matt Clark

Matt Clark has over 30 years’ experience in international risk management and insurance. He specialises in science and technology businesses, including those working in IT, communications tech, life science and healthcare and emerging tech. Matt is a Chartered Insurance Risk Manager with experience in the US, Middle East & Far East.

Connect with Your host James Rees

Hello, I am James Rees, the host of Razorwire podcast. This podcast brings you insights from leading cyber security professionals who dedicate their careers to making a hacker’s life that much more difficult.

Our guests bring you experience and expertise from a range of disciplines and from different career stages. We give you various viewpoints for improving your cyber security – from seasoned professionals with years of experience, triumphs and lessons learned under their belt, to those in relatively early stages of their careers offering fresh eyes and new insights.

With new episodes every other Wednesday, Razorwire is a podcast for cyber security enthusiasts and professionals providing insights, news and fresh ideas on protecting your organisation from hackers.

Listen to this episode on your favourite podcasting platform and for more information about us or if you have any questions you would like us to discuss on the podcast email [e-mail].

If you need consultation, visit www.razorthorn.com, We give our clients a personalised, integrated approach to information security, driven by our belief in quality and discretion.

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This podcast uses the following third-party services for analysis:
OP3 - https://op3.dev/privacy