June 24, 2024

Insurance and Cyber Security managed providers working together

The cyber insurance market, driven by increasing cyber threats and regulatory demands, is rapidly growing and evolving, with Managed Security Service Providers (MSSPs) playing a crucial role in enhancing security postures and reducing risks for businesses and insurers.

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Cyber insurance as a part of the Insurance Industry, is no longer considered as ‘new’, with ever greater adoption and ever more understanding of the market itself and the needs of the businesses it serves.

The Cyber Insurance market is expected to grow globally to reach a value over USD 120 Billion by 2032. The demand is evident and is being driven by multiple factors such as geopolitical and economic uncertainties, increasing state sponsored attacks and legislative drivers, which we will see becoming more prevalent in the next couple of years.

Managed Security Service Providers (MSSP)

There is a growing recognition within the Cyber Insurance industry, of the role that can be played by Managed Security Service Providers in collaborating and innovating alongside Insurers and brokers. There are   obvious benefits for all parties (especially the clients).

Everyone agrees with the obvious principle that a good Cyber Security posture and regular Cyber Security assessments and validations, reduces the likelihood of breach.

These efforts are now being recognised by forward thinking insurers, and benefits passed to the clients who are taking reasonable measures to improve and maintain a good Cyber Security posture.

This makes absolute sense for both the client and the Insurer themselves.

The client is investing in security controls to gain an improved posture, and the Insurer recognises the reduced chances of a claim being made by their client for a Cyber Attack and where a claim is made the potential impact is dramatically reduced as a result of the improved security posture.

Speaking as a Managed Security Services Provider, we see on an ongoing basis, the improvements made by clients on what always is termed as the cyber ‘journey’. Reductions in Vulnerabilities, improved visibility of their estate and an enhanced readiness for the eventuality of an attack.

‘Zero Days’ and the role of an MSSP

A zero-day attack is an extremely dangerous attack vector that is essentially a vulnerability that the criminals can weaponise, but which software developers, clients, insurers and pretty much everyone else is unaware of. These types of risks give business and Insurers themselves a big problem and unfortunately occur relatively frequently.

MSSP’s have a big part to play in trying to mitigate this risk. Where a client works with an MSSP who has a 24x7 SOC (Security Operation Centre) for example, the MSSP can inform the clients using the SOC of the existence of the Zero day upon its discovery. Furthermore, because the SOC has knowledge of the clients estate, they can inform the client as to their susceptibility to compromise. The SOC can take further steps where appropriate to check for IOC (indicators of compromise), increase monitoring around vulnerable assets or may work with the client to proactively take the affected piece of software offline / secure, until a patch is available.

For Insurers, this enhanced capability displayed by a client working with an MSSP, and who is in a SOC, could be considered as a proactive approach to their Cyber Security, and policy quotes reflective of the steps they have taken.

Vulnerability Scanning (Continuous Security Testing)

Continuous attack surface management, coupled with active Vulnerability scanning can give organisations a view of the technical vulnerabilities at play across their estate on an ongoing basis. Discovery of and subsequent active scanning of the externally facing aspects constitutes a large component of CST, giving clients the ability to view their organisation through the eyes of the attackers and discover change and defects prior to their exploitation by malicious parties.

Businesses make IT changes for a multitude of valid reasons. The issue for clients and for Insurers, is that any one of these changes could result in a vulnerability to the client’s estate being inadvertently introduced. For large organisations, a fluid external footprint makes this even harder. Attackers will see this quickly and attempt to exploit. MSSP’s can perform regular asset discovery and vulnerability scanning and advise the clients on anything they see which might present an issue. Due to the rapid weaponization and automated deployment of known vulnerabilities by attackers, this continuous approach greatly reduces the likelihood of a successful attack occurring and can help discover and allow resolution of the vulnerabilities ahead of malicious actors.

Attackers have automated their scanning for Vulnerabilities, and automation for the defending teams is also a must have capability.

Predictions

We think it is inevitable that Managed Security Service Providers and the Insurance world will work ever more closely together in the future, collaborating on technology and processes and driving much needed regulation and change.

These two distinct aspects of businesses risk mitigation can make an enormous difference to those in the eye of the Cyber Security storm.

AI and the challenges and opportunities this brings, will be at the forefront of efforts.

Precursor Security has been working with JMG Group and a select panel of specialist cyber insurance companies, to create an innovative and proactive approach.

Where a business is utilising Precursors services, they are entitled reduced cyber insurance premiums as they will benefit from premium discounts.

This is the perfect example of an MSSP working collaboratively with an Insurer to drive much needed change across all organisations.

Cyber insurance is designed to protect businesses and individuals from threats in the digital age, such as malicious and non-malicious cyber incidents.

Cyber insurance provides financial reimbursement in the event of an incident but also additional benefits such as risk management solutions, pre and post-breach advice and support ranging from public relation, solicitors and I.T. forensics.

A comprehensive cyber policy will look to provide cover for:

  • Network security and privacy liability
  • Media liability
  • Regulatory defence and penalties
  • Crisis and event management costs
  • Ransomware and extortion
  • Business interruption
  • Contingent business interruption
  • Computer replacement and bricking
  • Social engineering fraud

By working with Precursor you may be eligible for a 10% discount on your Cyber Insurance policy! To find out more about how we can help your organisation with Cyber Insurance, click here.

Written by

Precursor Security

Welcome to Precursor Security, where the forefront of cybersecurity and penetration testing expertise meets unmatched dedication and innovation. We are the architects of robust digital defences, committed to safeguarding the online realm.

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