Cyber Insurance Compliance
Insurers are experiencing mounting losses, largely driven by ransomware, with the frequency of events up nearly 500% since 2018
In today's technology-driven world, cyber insurance is a critical asset for businesses seeking financial protection against cyberattacks and data breaches. However, as the frequency and costs of these incidents continue to escalate, so do the premiums required to maintain coverage. In the second quarter of 2022 alone, premiums rose by 79 percent, leading to an increase in prices across the industry.
To reduce risk, insurance companies have implemented stricter security requirements for applicants. In the past, these requirements were simple checkboxes to be completed quickly. Now, insurers are taking an active monitoring approach that includes regular cybersecurity scans to ensure applicants meet coverage standards. Failure to maintain these standards can result in higher premiums or even loss of coverage.
It's important to note that there is no one-size-fits-all solution when it comes to insurance coverage. Each organisation's cybersecurity posture and practices play a significant role in determining the minimum requirements for coverage. At Peritus, we understand the importance of a robust cybersecurity strategy, and our experts can help establish appropriate data protections to improve your chances of approval for coverage.
As the cyber insurance market continues to evolve, Peritus can help organisations navigate the changing landscape. Through the Peritus suite of assessments, services and products our customers can establish themselves as insurance candidates, lower premiums, and mitigate overall risk.
If you're interested in learning more about our full compliance solution, which streamlines compliance, third-party risk management, due diligence questionnaires, and cyber insurance audits, please don't hesitate to contact us.
Why Peritus
Our capabilities as a cyber security specialist focus on providing disruptive security technologies, services, and bespoke professional service engagements. We aim to help our customers stay ahead of the curve by evaluating fast-growing and innovative technologies that enhance and complement their security environments. At Peritus, we value our customers as more than just numbers; we consider them design partners. Once they onboard with us, we become an extension to their security teams.
We understand that each customer has unique needs, and therefore, we do not adopt a 'one-size-fits-all' approach. As specialists in the market, we excel in security and focus on delivering solutions tailored to our customers' specific requirements.