PREVENT.
PROTECT.
INSURE.

HOW GOOD CYBERSECURITY POSTURE, COMPLEMENTED BY CYBER RISK INSURANCE IMPROVES A COMPANY’S CHANCE OF SURVIVAL

Cybercrime can render a company, of any size, financially inviable. Cyber risk management should be front-of-mind for all key business decisions.

Read the whitepaper to learn how the cyber risk landscape has changed year-on-year and what organisations must do to protect themselves using robust cybersecurity measures and cyber insurance.

You’ll learn:

  • The potential cost of a cyber attack on your business
  • Why traditional protection methods are no longer enough
  • What are cyber insurance and cyber warranty?
  • How a strong cybersecurity posture may increase the risk cover available to you
    and reduce your premium cost
  • Prevent, protect and insure your business.

IT'S A FUNDAMENTAL CONCEPT, BUT IT'S SURPRISING HOW MANY ORGANISATIONS EITHER DON'T HAVE BACKUPS OR COMMONLY GO THROUGH A PROCESS OF DOING BACKUPS OF THE DATA AND THEIR OPERATING SYSTEMS BUT HAVE NEVER CHECKED TO FIND OUT WHETHER THEY CAN BE RESTORED.

Professor Andrew Jones - one of the world’s leading cyber forensics experts

GLOBAL CYBER INSURANCE MARKET

Size, by Insurance Type, 2023-2033 (USD Billion)

Source: market.us

The cyber insurance market has been constantly evolving alongside the cyber threat landscape since its inception over 20 years ago. The first cyber insurance product/service was derived from professional liability policies and focused on risks from online software and website media/content. With the advent of eCommerce and digital business processes came coverage for data loss, damages from viruses and malware, and network security breaches. Regulatory sanctions, business interruption, insider attacks, and damage to network assets were often explicitly excluded from this coverage.

Today’s cyber insurance policies are much more likely to cover first-party damages to a policyholder’s own organisation, as well as third-party damages to customers or partners. There has always been, and still is, considerable variation between cyber insurance policies. However, most of today’s underwriters offer similar first-party and third-party terms.

UNITED HEALTH GROUP

(Change Healthcare Cyber-Incident)

$595m

  • CLEARINGHOUSE PLATFORM RESTORATION
  • RESPONSE EFFORTS
  • MEDICAL EXPENSES DIRECTLY RELATING TO THE TEMPORARY SUSPENSION OF SOME CARE MANAGEMENT ACTIVITIES
$280m

  • BUSINESS DISRUPTION
  • LOSS OF REVENUE
  • $1.35 - $1.6bn

    • EXPECTED FINAL COSTS

    CYBER RISK INSURANCE COVER

    Policy Dependent

    • Incident response costs
    • Legal and regulatory costs
    • IT Security and Forensic costs
    • Crisis communication costs
    • Privacy Breach management costs
    • Third Party privacy breach management costs
    • Post Breach Remediation
    • Funds Transfer fraud
    • Theft of funds held in Escrow
    • Theft of personal funds
    • Extortion
    • Corporate Identity Theft
    • Telephone hacking
    • Push payment fraud
    • Unauthorised use of computer resources
    • System damage and rectification costs
    • Direct loss of profits and increased cost of working
    • Additional increased cost of working
    • Dependent business interruption
    • Consequential reputational harm
    • Claim preparation costs
    • Hardware replacement costs
    • Network Security Liability
    • Privacy Liability
    • Management Liability
    • Regulatory fines
    • PCI fines, penalties and assessments
    • Defamation
    • Intellectual property rights infringement
    • Technology errors and omissions
    • Court attendance costs
    “THEY (CYBER INSURANCE CARRIERS) DIDN’T HAVE A GOOD UNDERSTANDING OF THE RISKS INVOLVED, AND AS A RESULT, THEY DRAMATICALLY REWORKED THE WAY THEY WERE WRITING AND ISSUING POLICIES AND THE AMOUNT THEY WERE CHARGING. THE INSURANCE CARRIERS NOW HAVE MORE OF A GRIP ON THE RISK AND COST OF CYBERCRIME AND HAVE BEGUN RAISING THE SECURITY REQUIREMENTS OF THOSE THEY ARE INSURING.”
    Richard Breavington, a Partner at RPC –
    a firm specialising in cyber insurance litigation.
    “CYBERSECURITY IS A BUSINESS PROBLEM THAT HAS BEEN PRESENTED AS SUCH IN BOARDROOMS FOR YEARS, AND YET ACCOUNTABILITY STILL LIES PRIMARILY WITH IT LEADERS.

    IN THE 2022 GARTNER BOARD OF DIRECTORS SURVEY, 88% OF BOARD MEMBERS CLASSIFIED CYBERSECURITY AS A BUSINESS RISK; JUST 12% CALLED IT A TECHNOLOGY RISK,“
    according to the technology
    analysts Gartner.

    ESET MDR IS THE FASTEST SERVICE FOR DETECTING AND BLOCKING THREATS

    Mean time to detect (MTTD) plus mean time to respond (MTTR) to an incident

    Cybersecurity
    skills gap:
    MITIGATED

    Operational
    visibility:
    OPTIMIZED

    Breaches and
    ransomware:
    PREVENTED

    Security Operations
    Centre (SOC):
    ON-BOARDED

    Mature security
    readiness:
    ACHIEVED

    MANAGED DETECTION & RESPONSE SERVICES FROM ESET

    Reduce risk with a proactive cybersecurity approach

    ESET MDR is the fastest service for detecting and blocking threats - the ideal solution for managing cyber risk head-on before threats have the chance to surface and impact businesses.

    WORLD-RENOWNED EXPERTS ON YOUR SIDE

    Knowledge is power. Get unique cybersecurity expertise from ESET, which is part of the Joint Cyber Defence Collaborative (JCDC) led by the USA's CISA, and cooperates with other renowned authorities. ESET operates its own global telemetry and threat intelligence network leveraging 100M+ sensors, 13 R&D centres, and 35+ years of proven experience.
    FASTEST TIME TO DETECT & RESPOND

    Speed matters. Reduce your incident detection & response time from months to just 20 minutes with ESET MDR. This makes ESET one of the fastest MDR services on the planet. Your business is protected 24/7 by the world's most experienced threat hunters, who monitor active malware groups and provide you with the highest level of cyber attack prevention.
    MEET COMPLIANCE AND REGULATORY REQUIREMENTS

    Your business continuity, enabled. ESET MDR helps tackle zero-day cyber attacks, making it the ideal service to comply with cyber insurance requirements. EDR/XDR and MDR are becoming critical components of cybersecurity insurance programmes and other security requirements.

    DOWNLOAD WHITEPAPER

    CONTACT US

    For more information about how ESET MDR services and solutions can dramatically reduce your cyber risk and help lower cyber insurance premiums please contact our High Touch team.

    We look forward to assisting you.

    hightouch@eset.com

    01202 405405

    Massively reduce your Cyber Risk with MDR solutions from ESET :

    www.eset.com/uk/business/services/managed-detection-and-response/