In a recent discussion on the importance of cyber insurance, Neil Barrett, Managing Director of KE Computer Services, highlighted the need for businesses to consider additional cyber insurance protection even if they have a Cyber Essentials certification. Barrett and other experts discussed how cyber insurance can help organisations mitigate risks from data breaches, ransomware attacks, and business interruptions, all of which can be costly to address without coverage.
Key Areas Discussed:
- Cyber Essentials Certification: Provides basic cybersecurity measures but lacks financial coverage in the event of an attack.
- Cyber Threat Landscape: Increasingly complex, with threats from email phishing, ransomware, and AI-driven automation.
- Types of Cyber Incidents Covered: Cyber insurance can cover ransom payments, data recovery, legal fees, and losses from business interruption.
- Business Email Compromise: One of the most common attack vectors, with fraudsters intercepting sensitive communications.
- Benefits of Cyber Insurance: Coverage for lost funds, response costs, and even reputational damage following a cyber incident.
- Advanced Threat Detection: Some insurers, like Coalition, use advanced tools, including dark web monitoring and honeypot networks, to proactively identify threats and reduce claims.
As cyber threats continue to grow, Barrett and his co-presenters emphasized that any business—regardless of size—can be targeted. They advised that cyber insurance is a critical component of a comprehensive cybersecurity strategy, providing vital financial and operational protection.
For a more detailed view of the discussions, follow the presentation link.
If you would like more information about Cyber Insurance, or you have any questions, please contact one of our expert advisors.
