Evolving Landscape of Cyber Threats Necessitates Advanced Risk Assessment for Cyber Insurers

Cyber insurance is a critical tool for businesses to mitigate financial losses from cyberattacks. However, insurers' traditional approach of using questionnaires to assess cyber risk is inadequate in today’s rapidly evolving threat landscape.

Unless insurance companies stop relying primarily on questionnaires for risk assessment, they will continue to experience increased financial losses due to cyber fraud and crime.

Questionnaires have long been a staple for insurers to evaluate a company’s cybersecurity posture. They typically ask about basic security measures, such as whether a company uses firewalls, antivirus software, or Multi-Factor Authentication (MFA). However, these static, self-reported assessments fail to capture the dynamic and sophisticated nature of modern cyber identity threats.

Avoiding real world catastrophes like 23&Me and Marks & Spencers requires insurers to update risk assessments protocols to meet the ever-evolving threat today’s criminals present.

This new Special Report outlines what is needed to protect Cyber Insurance

Carriers and reduce losses for both insurers and policy holders.