Re:Insurers run from ransomware cover as losses mount
by Root_Denied on Saturday November 20, 2021 @03:02PM
(#29291384)
This is where I've been predicting the insurance side of cybersec going for a while.
You have some baseline required security for the premium that offers X coverage, and you can reduce the premium or increase the coverage if you can prove Y standards have been met. Get a list of approved 3rd party auditors/pentesting companies, have them certify what level your company is at, apply appropriate discount.
Insurance costs are a language that businesses speak fluently, so I think this has a higher chance of moving the needle on cybersecurity standards and have them actually be implemented across the board.
You have some baseline required security for the premium that offers X coverage, and you can reduce the premium or increase the coverage if you can prove Y standards have been met. Get a list of approved 3rd party auditors/pentesting companies, have them certify what level your company is at, apply appropriate discount.
Insurance costs are a language that businesses speak fluently, so I think this has a higher chance of moving the needle on cybersecurity standards and have them actually be implemented across the board.