March 30, 2020
There’s no doubt that, lately, it’s been hard for existing cyber insurance markets to keep up with the evolving nature of outside threats. Most notable of these: Ransomware which is causing insurers to reevaluate their coverage positions. The future of cybersecurity insurance depends on a more informed approach to this risk.
Existing Cyber Insurance Cannot Manage Ransomware Threats
Ransomware is the weapon of choice for malicious actors. It’s the shortest distance investment and revenue. Average ransomware demands have increased from tens of thousands per ransom to millions of dollars – not including the indirect costs to remediate and recover from a breach. Traditional insurance models have not kept up with the escalating cost of cyber ransomware posing substantial underwriting exposure risks.
At the same time, the frequency of attacks is increasing and it’s harder to assure low risk of an attack succeeding. Simply locking down one’s infrastructure isn’t going to cut it anymore. The threat surface has expanded as organizations depend on 3rd party supply chains and open source software. A data breach at any point in the supply chain can incur financial, legal/regulatory and brand costs. Traditional insurance models have focused on the company, but not the end-to-end kill-chain.
We Need a Ransomware-Focused Insurance Product
There is no historic record of ransomware. And that makes it pretty hard to quantify its overall threat. New ransomware perpetrators are emerging constantly, making it even harder to track. Cyber insurance industries have started sub-limiting or even excluding coverage for ransomware attacks, meaning we need a ransomware-specific solution. And we need it fast.
The Secret: Insurance Working with the Customer (Not Against Them)
When it comes to ransomware, Measured Insurance is handling things differently. Our approach starts by understanding the customer’s specific business exposure and info security maturity level. This allows us to apply advanced artificial intelligence to develop a simple, easy to understand policy that covers the company specifically and premiums to match. Measured wants to provide reliable protection from cyber ransomware threats and so provides a timely world class claims process to match.
Support At the Hour of Need
Beyond financial coverage, one of the most important aspect of an effective ransomware loss mitigation service is access to an international panel of specialists on that very subject. These specialists need to be available on an immediate basis to provide damage assessments, strategic options, negotiating services, ransom translation, and payment and post-incident remediation protocols. And this is what we hope to provide.
Choose Measured Insurance For Your Ransomware Insurance Needs
Measured Insurance is a specialty insurance company that offers tailored ransomware insurance products that have been specifically designed and tested to minimize client’s enterprise risk exposure. One of the differentiating features of the Measured Ransomware Insurance is that it engages with the customer to deliver tailored protection that’s focused on customer needs. It does this by using data analytics that deliver a quantified and understandable ransomware risk assessment to each client.
Cybersecurity insurance doesn’t have to be complicated or overwhelming. It just has to be Measured.
Written by: [Jack Vines]