Call us now:
SMEs or SMBs are in a very difficult place with cyber, as we write in our paper (https://lnkd.in/dYjWv8-5). They are literally between a financial rock and a financial hard place, as are their prime contractors and governments (over 95% of our organisations are SMEs).
SMEs have risk transfer choices. They can implement the appropriate controls. Ignore the risk. Transfer the risk through cyber insurance. The former is by far the most expensive e.g. the DoD expects defense contractors to implement 110 controls. The later the least expensive, but premiums are rising, coverage falling and insurers are adding exclusion clauses. There’s little option to ignoring the risk as cyber is being regulated, and larger prime contractors will be expected to demonstrate they can manage cyber supply chain risk management.
This is not a FUD debate, it’s the reality of the situation that SMEs, primes contractors and Governments find themselves. A problem that cyber regulation will bring to the fore, when regulatory compliance and enforcement programs take affect.
Ted Dziekanowski
#cyberinsurance #cybersecurity #cyberriskmanagement #theaugustagroup #cyberregulation
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