Insights for CISOs: Innovations, Opportunities, and Challenges in Insurtech

Insights for CISOs: Innovations, Opportunities, and Challenges in Insurtech

Cyber Insurance and Complementary Cybersecurity Strategies

Cyber insurance is a difficult space in which to participate; risk is hard to measure, threats are constantly evolving, and damages can be massive. Technology is (belatedly, some might note) disrupting the delivery and quality of cyber insurance. Traditionally staid insurance companies are developing and/or white-labeling cybersecurity technologies such as MDR and SOC-as-a-service and mandating their use as an eligibility requirement for policy coverage customers. In addition, cyber insurance companies are making their service offerings more dynamic by employing new cybersecurity tools to audit and gauge customer cyber risk and tailor policies to unique customer environments accordingly. In this brave new world of cyber risk, insurance companies and technology vendors are partnering, white labeling each other’s services, and collaborating to ensure 1) better insurance policy coverage and 2) better cybersecurity delivery for customers. This convergence of a traditional industry (insurance) with a newer one (cybersecurity) may make for strange bedfellows, but it helps provide better customer value, greater risk visibility, and improved risk mitigation. Integrated partnerships, specifically insurance-feeding cybersecurity platforms, generate tremendous amounts of data. That prodigious data informs vendor decision-making, letting insurance providers make better actuarial decisions.