Impact of the evergrowing cyber attacks on cyber insurance industry and policies
Project scope
Categories
Data analysis Market research Risk, audit and compliance Security (cybersecurity and IT security) Information technologySkills
underwritingFor a typical business or government entity, it is harder than ever to get or keep a cyber policy. Insurance companies are refusing to renew 55% of policies, rejecting 30% of new policy requests, raising premiums an average of 85%. The main reason is the Doxware/Ransomware payouts. The main source for the attacks are nation state players, who are targeting, cities, municipalities, and other strategic businesses in Defense Industrial Base, for example.
The questions to be answered as a part of this project include (but not limited to):
- What are the trends for the the targeted data? For example, the typical organization size, industry, goverment/private entity, etc.
- What is the attack goal? What percentage of the victim organization data is published? What is the type of the data?
- Are there any common themes that the insurance underwriters are seeking in this environment? Is it technology oriented or policy oriented? For tech oriented goals, what is the prerequisite for a business to even get considered for a cyber insurance policy?
- How does the government support these efforts?
About the company
Traditional IT controls focus on turning our organizations into castles, protecting our data by building strong walls around our networks, servers, and laptops. But, we live in modern times. Data no longer resides solely inside the four walls of our organization. Our data lives everywhere we work and live: in our home offices, mobile devices, and the cloud. The walls of protection built around the data have fallen. We now require that protection is built into the data itself. Anchor is a simple, turnkey, low-cost way to ensure your intellectual property and other sensitive information are never viewable or usable, without your consent. Anchor bakes protection into your data with a powerful combination of encryption and multi-factor access. And when you do share or collaborate, Anchor protection stays with your data, even when it leaves your organization. Anchor empowers you to maintain control of your data while collaborating, including forensic logging and revoking access.