Mark Brown's insight on cyber security insurance
Mark Brown, Global Managing Director of Digital Trust Consulting at the British Standards Institution (BSI), shared his key insights in an excellent guest blog for TechTarget, about assessing if you need cyber security insurance.
Companies want to transfer their risk because cyber security problems are likely, costly and painful to deal with.
But... increased payouts mean insurance costs are rising and insurers are asking if your cyber security measures are mature enough to warrant covering you.
Cyber security insurance costs increased by 79% in Q2 2022
If you don't consider cyber security as a core activity, you are sleepwalking into increased risk.
Company size doesn't determine your risk... but it does affect your liabilities and exposure.
Cyber insurance is not a panacea, but one element of your cyber security protections. So, how might you balance your precautions and insurance?
Key takeaway: "Regardless of your industry or company size, all businesses should conduct an independent cyber audit prior to committing to cyber insurance." Mark Brown, Global Managing Director, Digital Trust Consulting at BSI.