Cyber insurance is a critical tool for businesses to mitigate financial losses from cyberattacks. However, insurers’ traditional approach of using questionnaires to assess cyber risk is inadequate in today’s rapidly evolving threat landscape.
Unless insurance companies stop relying primarily on questionnaires for risk assessment, they will continue to experience increased financial losses due to cyber fraud and crime.
Questionnaires have long been a staple for insurers to evaluate a company’s cybersecurity posture — typically asking about basic security measures such as whether a company uses firewalls, antivirus software, or Multi-Factor Authentication (MFA). However, these static, self-reported assessments fail to capture the dynamic and sophisticated nature of modern cyber identity threats.
Avoiding real-world catastrophes like 23andMe and Marks & Spencer requires insurers to update risk assessment protocols to meet the ever-evolving threat today’s criminals present.
The mechanics of how email became the digital economy’s most consequential vulnerability, the case studies that should have changed everything, and what a continuous intelligence approach actually looks like — all documented in “The Lying Gatekeeper,” a special report from myNetWatchman.
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