The importance of cyber insurance and education in the cybersecurity industry
- Cybersecurity professionals need to be able to distinguish between real threats and noise in order to react appropriately
- Education on cybersecurity is lacking, especially for small and medium-sized businesses
- Cyber insurance is a growing industry and understanding the supply chain is important
- Learning from past events is crucial for underwriting cyber insurance
- Coordination between insurance buyers is necessary for effective cyber insurance coverage
The speaker met with clients ranging from Fortune 10 companies to small businesses with poor cybersecurity controls. The lack of formal rules around cybersecurity makes it difficult to improve risk overall. The insurance supply chain is similar to that of security products, with insurance buyers, brokers, insurers, and reinsurance brokers all involved. Coordination between these parties is necessary for effective cyber insurance coverage.