Managing cyber risks through insurance is relatively new. Although the market for cyber liability insurance is off to a good start and expected to grow dramatically over time as businesses gradually become more aware that current business policies do not adequately cover cyber risks. With each announcement of a system failure leading to a significant business loss, the awareness grows. This growing awareness has stimulated demand for cyber liability insurance products.
Interest cyber insurances increases
In Holland, the interest of Dutch businesses for cyber insurance has increased significantly during the past years. In 2017, the Dutch insurance market collected at least 20 million euros in premiums from ‘cyber insurance’. That means a doubling compared to 2016. This sharp increase has been demonstrated in recent research by the Dutch Association of Insurers (Verbond van Verzekeraars). As primary reason is suggested that more insurers offer a ‘cyber insurance’.
These insurance policies allow individuals and organizations to cover risks related to the consequences of digital intrusion, data theft, DDoS attacks, ransomware and other IT threats. As with all insurance policies, it is important to look closely at the coverage and conditions. But how do I know how much ‘cyber insurance’ I need for my company? And whether the coverage matches my needs?
Unfortunately, there is still a lot of unaware regarding information security. We often see that companies often have ‘no idea’ where to start with securing business data. Let alone what it all means. The number of cyber attacks and data leaks is growing alarmingly. Almost every day we are confronted with news about malware, cyber attacks or data leaks. Taking out a ‘cyber insurance’ seems an obvious starting point and often a requirement for various stakeholders of a company.
Fortytwo Security has developed a Security QuickScan for companies that need insight into the security status of their IT infrastructure. And it is an important step to start to protect company data and prevent data breaches. Depending on the size of the organization, the scan takes one day to seven days. At the end of the scan, a detailed and clearly readable report is drawn up for clients.
All cyber risks can be quickly mapped with our security QuickScan. This makes it possible to correctly assess whether a ‘cyber insurance’ is necessary and whether the cover fits the business operations of the company.
Read more about our security QuickScan