There’s a saying in the cyber security industry that there are two types of business today: Those that have been breached and know IT, those that just don’t know IT, yet.
Today, cyber insurance is all about data breach response. Many times, insurers can help the breach response go smoother by offering access to data security experts and providing cyber-forensic services.
As with any investment, experienced companies employ cyber security solutions, instead of depending on cyber insurance’s reactive capability. Either way, insurance companies are driven to sell cover that usually excludes data protection. Data is an intangible unknown and insurance companies do not insure what they do not understand.
This is where CloudCover, cybersecurity, and cyber insurance are not similar. CloudCover underwrites data security, when all other cyber insurance programs exclude data coverage. Our CDIP solution is becoming embedded into software defined networking, which further enables underwriting data insurance and cloud services in real-time, incrementally. CloudCover shall practically make the SLA obsolete.
SecurityGPS risk profiles cyber security risk of a company’s network, systems, people and data assets.
SecurityGPS Audit and Analysis is a certified risk compliant report and risk-score analysis.
CDIP is a cloud-defined insurance protocol that enables real-time risk control and risk transfer.
SecurityGPS is a new benchmark.
On the flip side of this, it’s not just insurers who are using the cyber risk profile to monitor their policy holders. We have also seen organizations use cyber risk profile benchmarking to negotiate their own insurance policy and obtain discounts in their premiums by being able to demonstrate evidence-based performance metrics that provide context for how their performance compares to peers and their industry as a whole. The SecurityGPS delivers this and more!
What is a Certified SecurityGPS?
No one wants to be breached, or wait to be notified by a third-party of a serious data breach. Through the SecurityGPS audit process and analysis, organizations will be motivated to take steps to improve their cybersecurity, especially if continuous monitoring is certified underwritten secure, private and compliant. Underwriters are beginning to reward ‘certified cyber security’ compliance and monitoring by offering better cyber insurance terms.
3rd-party require cyber insurance.
Proof of certified cybersecurity insurance by business partners is increasing. Clients are concerned about online risk, and want proof that their vendors are cyber-risk covered. Security awareness and the demand by online connected partners to buy cybersecurity insurance or perhaps lose valuable business relationships are increasing. As more data is held in cloud computing services, the desire for continuous cyber risk assessments have arrived.
CDIP Governance: exposes risk, corrects risk, underwrites data security.
Overall, cyber insurance alone will not make a company more secure. However, with dynamic security awareness and critical loss controls, we believe it’s clear that one of CDIP’s benefits will be more consistent cyber security knowledge, as well as a better understanding of what proactive security hygiene looks like.
A better practice mind-shift in the cybersecurity insurance industry is afoot and the way commercial insureds view cyber coverage we expect that CloudCover shall become a standard cyber security underwriting solution within the cyber-insurance industry, rewarding those with the most accurate, incremental data security and loss control.