MANAGE & LEAD CYBER SECURITY the only thing that can protect against the eventuality of a ransomware attack from which an organization has no other means to recover . Moreover , because insurance policies cover the costs of experienced DFIR vendors or provide such services directly , insured organizations can negotiate ransom demands down – something a victim themselves would have a considerably more difficult time doing .
It is impossible to imagine how much worse the world would be without insurance . While some insurers are pulling back on coverage and even eliminating it and there is chatter of public policy efforts to render extortion uninsurable or otherwise prevent extortion payments from being made . It would be a tremendous disservice to the organizations impacted by these attacks to prevent the insurance industry from innovating to fight cybercrime . Not only do insurance companies provide a tremendously valuable service , but they also have a unique ability to encourage – even enforce – the basic cybersecurity hygiene that is so desperately needed . They can also do so at a considerably lower cost than organizations can do themselves .
THE ROLE OF INSURANCE IN FIGHTING CYBERCRIME There is no industry better positioned to fight cybercrime than the insurance industry . Insurers have one thing in common that others ( including cybersecurity companies ) do not : a direct financial incentive to protect insured clients and prevent financial loss .
To have an impact commensurate , we must act to :
• Improve underwriting standards across the board . The insurance industry can serve as one of the single most effective enforcers of cybersecurity hygiene at scale . In today ' s market , an organization should struggle to get coverage if they have not implemented MFA , disabled remote network access on the internet , or implemented any number of other highly effective security controls .
• Provide risk engineering services to customers at little to no cost . Many insurance providers , like
Coalition , are now continuously collecting data on insureds and following claims and using this information and learnings to alert other customers to imminent risks . They do it automatically and at no additional cost to the policy premium .
• Maintain effective ransomware coverage for those that need it most . It will mean balancing public policy objectives while avoiding actions that disenfranchise businesses ( particularly small businesses ). Any move to make ransomware " uninsurable " would likely ( and ironically ) hinder , not foster , ongoing innovation in the cyber insurance market . Many , although not all , insurers have made dramatic progress in protecting clients from ransomware .
By : Josh Motta , Co-founder & CEO of Coalition
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