Why Insurance? Because 100% protection does not exist!!
We’re a cutting-edge insuretech company, revolutionizing the industry. Our innovative policies, developed in collaboration with underwriting partners, leverage new technology and unprecedented cyber solutions.
Now, let’s dive into why cyber insurance is critical in the fight against cyber attacks and why it should be seamlessly integrated into robust cyber protection strategies:
- Risk Mitigation: Cyber insurance acts as a financial safety net, covering costs when breaches occur. It’s a proactive defense against potential losses.
- Business Continuity: In the aftermath of an attack, cyber insurance helps organizations recover swiftly, minimizing operational disruptions.
- Legal and Regulatory Compliance: Compliance requirements are increasingly stringent. Cyber insurance ensures you’re prepared.
- Reputation Protection: A breach can tarnish your brand. Insurance helps manage reputational fallout.
- Cyber Education: People through ignorance or nefarious agendas are becoming a critical threat. (Click for solution Cyber education)
- Peace of Mind: Knowing you’re covered allows you to focus on growth and innovation. Remember, cyber threats evolve—so should your defenses!
of business are not prepared to respond to a breach event
of businesses have cyber insurance, that means up to 85% are exposed to great risk
Secured Cyber Insurance by CIS
There is no 100% defence against cyber-attack
It is clear there is no 100% defence against cyber-attack. All businesses should have a cyber mitigation strategy and a bespoke cyber insurance policy is the best option as it offsets the high costs of providing incident response services and associated costs relating to a cyber breach event. Businesses generally underspend in the cyber defence area because they do not understand or estimate the monetary or reputation cost associated with a data breach until it is too late (Fowler, 2018). The global average for the cost of a data breach is $3.62 million dollars and $141 dollars per record breached (IBM and Poneman Institute 2018). From a cost point alone including cyber insurance may well be the difference between surviving a breach and business failure. Cyber insurance is an effective mitigation strategy to be used with other elements in building a ‘defence-in-depth’ solution.
Data Insurance is coming to Australia
CIS Patented Permanent data loss insured for the “actual value of your data” Insurance is now being prepared for the Australian market and will be added to all our insurance policies.
For the past three years, companies have increasingly come to realise that data is their most valuable asset. BUT:- the insurance industry has not been able to provide a solution. CIS has developed the ability to insure data for its actual value and is working with insurance partners including by the World’s largest Re Insurer Munich Re. Any reference to ‘data insurance’ in any policy currently only refers to a tiny value allowed and in 99% of cases refers to the cost of trying to forensically rebuild the data. But when its gone – its gone. To solve this global issue, Cyber Indemnity Solutions Ltd. has combined IT and underwriting expertise to create a revolutionary ‘Data Insurance Policy’. The risk of permanently losing your critical data is a very serious growing threat to any business and can now severely impact the discharge of a board directors responsibilities. ‘Data Insurance’ will be the world’s first insurance policy to adequately address permanent data loss at its true value. It’s taken many years to develop - in a market with significant barriers to entry. Data Insurance delivers value to all clients - insurers, brokers and insureds. Join other companies in preparing for Data Insurance by contacting CIS now. Our data insurance approach considers the following: