Is Your Business Insurance Keeping Pace with Evolving Cyber Threats?

Welcome to another episode of Razorwire! I'm your host, Jim, and today we dive deep into the dynamic world of cyber insurance. Neil Hare-Brown and Matt Clark, two industry experts, join us to share their insights on how cyber insurance has adapted to meet today's security challenges.

• Episode Overview:**
• We explore the critical role of cyber insurance in modern security strategies, from mitigating the financial impact of cyber incidents to understanding underwriting and premium setting. We also discuss the increasing trend of third-party attacks and why companies must prioritise reviewing their vendors and suppliers. By the end of this episode, you'll see why cyber insurance is no longer a luxury but a necessity, and how to leverage it to bolster your organisation's cyber resilience.
• Key Talking Points:** **Rising Costs and Frequent Threats:** Neil explains why cyber insurance is crucial for mitigating the significant financial impact of cybercrime. **Underwriting and Premiums:** Matt reveals how insurers use data and tools like ransomware calculators to set premiums and help businesses proactively improve their cybersecurity posture. **Vetting Third-Party Vendors:** We discuss why it's essential to thoroughly assess third-party providers, with insights into new insurance services aimed at helping businesses manage and recover from cyber incidents more effectively.

Tune in to discover how cyber insurance can be an integral part of your organisation's defence strategy and ensure you're prepared for whatever comes your way.

• Cyber Risk Management Insight:**
• "I think there is still quite a long way for businesses to go, for boards to appreciate that cyber risk management is not an operational problem." - Neil Hare-Brown
• Listen to this episode on your favourite podcasting platform:** [https://razorwire.captivate.fm/listen](https://razorwire.captivate.fm/listen)
• In this episode, we covered:**
• **Impact of Cyber Incidents:** Estimating the financial repercussions of cyber attacks.
• **Ransomware and Business Email Compromise:** Trends in ransomware and business email compromise, and how to protect your organisation.
• **Double Extortion and Data Breaches:** The evolution of cyber threats including tactics like double extortion.
• **Using Data to Inform Insurance:** How data from insured cyber events provides risk insights for setting premiums.
• **Proactive Cyber Risk Management:** The importance of having a cyber champion on the board.
• **Third-Party Risks and Cyber Insurance:** The impact of third-party attacks and the need for comprehensive cyber insurance.
• **Evolving Insurance Facilities:** New offerings such as breach response services.
• **Post-Incident Actions:** How breach experiences lead to enhanced cybersecurity measures and appropriate insurance coverage.
• **SMEs and Cybersecurity:** The challenges smaller enterprises face in maintaining effective cybersecurity and the benefits of cyber insurance.
• **Continuous Learning in Cybersecurity:** The need for ongoing learning to develop effective cybersecurity strategies.
• Other episodes you'll enjoy:**
• **Cyber Insurance: Is It Fit For Purpose?** [https://www.razorthorn.com/cyber-insurance-is-it-fit-for-purpose-razorwire-podcast/](https://www.razorthorn.com/cyber-insurance-is-it-fit-for-purpose-razorwire-podcast/)
• **SolarWinds’ CISO Under SEC Scrutiny:** [https://www.razorthorn.com/solarwinds-ciso-under-sec-scrutiny-the-impact-on-the-infosec-community/](https://www.razorthorn.com/solarwinds-ciso-under-sec-scrutiny-the-impact-on-the-infosec-community/)
• Connect with your host, James Rees:**
• Hello, I am James Rees, the host of the Razorwire podcast. This podcast brings you insights from leading cybersecurity professionals who dedicate their careers to making a hacker’s life that much more difficult. Our guests offer a range of viewpoints for improving your cybersecurity, from seasoned professionals to those with fresh insights.

Catch new episodes every other Wednesday for the latest in cybersecurity. For more information or to ask questions, email podcast@razorthorn.com. Visit [www.razorthorn.com](https://www.razorthorn.com) for personalised cybersecurity consultation.

• Connect with us:**
• **LinkedIn:** Razorthorn Security
• **YouTube:** Razorthorn Security
• **Twitter:** @RazorThornLTD
• **Website:** [www.razorthorn.com](https://www.razorthorn.com)
• Loved this episode? Leave us a review and rating!**