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Over 95% of organisations in Western economics are SMEs. SME’s are the least likely to afford cyber insurance, the least most likely to afford cybersecurity risk management, the most likely to collapse in the event of a significant cyber incident.
But full risk transfer cannot be pushed back to the cyber insurance industry, as has been demonstrated in 2022. Cyber is a difficult, complex and expensive risk to manage. The average spend on cyber by the top 10 systemically important banks was over $375m a year, per bank (2019) and the US DoD expects that Defense Industry Base contractors apply over 110 cybersecurity practices to secure its Intellectual property. We therefore need cyber insurance as a tool to mitigate cyber attacks, but we also need SMEs to be able to protect themselves. But how can small business manage cybersecurity, as the article points out the insurance industry needs a rethink.
In our January 2022 paper we offered a solution to the insurance industry. A solution that benefits both the insured and the insurer, and would address cybersecurity regulation being proposed by both the U.S and EU. (https://lnkd.in/dGFVVjCi).
Ted Dziekanowski Gerry Kennedy
#cyberinsurance #cyberriskmanagement #cybersecurity #theaugustagroup
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