Tips to Survive Amidst a Declining Cyber Insurance Landscape

There have been several changes taking place in the cyber security landscape. With the constant threat of cyber attack, the insurance companies providing cyber insurance online and offline have hiked the premium for cyber insurance policies. Not only this, but the insurer has also started providing restricted coverage, creating an issue for the security holder to continue with their policies. Nevertheless, the company's cyber security can become even more vulnerable to cyber threats by not continuing with cyber insurance online policies.

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The State of Cyber Insurance Landscape

It has become more expensive for companies to buy cyber insurance policies online since companies get opinionated coverage. The companies are even finding it more challenging to avail same existing coverage as they are mandated to pay more premiums due to increments in cyber threats. Hackers have become rampant, and authorities are unable to regulate them. In addition, it is complex for a court to decide its jurisdiction. The increment in ransomware attacks has deteriorated the cyber insurance landscape and imposed more onuses on the insurance companies to deal with this risk and settle the claims by paying massive amounts. In short, it has increased the loss ratio of insurance companies providing cyber insurance online.

Top 3 Tips to Survive under Declining Cyber Insurance Landscape

The companies should explore a couple of solutions in order to tackle the problems or issues pertaining to cyber threats. By applying the following measures, the company may avoid or reduce cyber attacks. Furthermore, once they manage to reduce the risks, they may avail of limited coverage or coverage options at a considerable premium.

Third-party entities

Cyber attacks generally occur due to the weak entities of the third party. Therefore, the organization must deal with the third-party vendor in order to opt for risk management program to reduce the cyber threats. Thus, companies should focus on bridging the gaps in cyber security with the help of their third-party vendor. Furthermore, by tightening the securities of third-party entities, the company can survive in a declining cyber insurance landscape.

Encryption software and digital signature

An organization should avoid optimizing outdated software to survive in a declining cyber insurance landscape. Instead, they should install more encryption software to store confidential data. Various encryptions software is available in the market that is dedicated to securing the data of professional bodies. Hence, a company may subscribe and choose the storage according to the requirement.

Additionally, while sending an email, the organization must use a digital signature to avoid the risk of a mediator who may steal or read the data before reaching of email to the receiver. A digital signature is a legitimate option since under section 2(1) of the Information Technology Act; the definition of a digital signature has been explained.

Another advantage of a digital signature is that the receiver and sender can determine if the third party has seen the encrypted file. The digital signature provides two keys to the sender. The sender uses one key to encrypt the message, while the receiver uses another to decrypt it. Once the receiver decrypts the file, he may discover if it was opened after receiving the email.

Risk Selection

The companies, while selecting cyber insurance online, may focus on the types of coverage which might be invoked during the tenure of the policy. Then, following it, the companies may buy more coverage at a nominal price to survive under a declining cyber insurance landscape.

Conclusion

The cyber threat in COVID-19 era has affected various organizations and cyber insurance companies. The pandemic is the primary cause of declining cyber insurance landscape. The increment of cyber attacks with increase in premium is not a good combination for insurer and the insured.

Written By: PolicyBazaar - Updated: 11 January 2023

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