Cyber Insurance | Risk Management & Reporting

October 13, 2023

As cyber risks increase, organisations are encountering the longer life cycle of insurance renewals and the need to demonstrate better management of security controls and their effectiveness. Evidence of your organisation’s adoption of the ACSC’s Essential Eight framework can support cyber insurance renewal, and is now a tool that underwriters are starting to look for to validate your cyber maturity. By better managing cyber security controls, your organisation can better influence the price of risk and the
cost of cyber insurance premiums.

Cyber risk assessment to support insurance coverage

Your risk profile is the single most important factor in informing re-insurance success. It is recommended that organisations get ahead of the onerous re-insurance process starting at least 2 to 3 months before their current policy ends.

The infographic below provides a summary of best-practice approaches to improve your organisation’s access to cyber insurance and re-insurance.

How Huntsman Security can help validate that your cyber risk can be covered by insurance providers

Huntsman Security’s Insurance Renewal Initial Report, driven by the Essential 8 Auditor software application, streamlines the process of cyber risk assessment or posture measurement for organisations, as it aligns directly to the ACSC Essential Eight framework.

This data-driven application provides accurate cyber-risk measurement via a simple dashboard, and identifies vulnerabilities that might leave your entire organisation at risk.

With the gaps highlighted via the assessment, your in-house ICT team can remediate against the provided ‘to-do list’, and then, if required, re-audit your entity to quantify and validate whether your cyber risk is one that insurance providers can cover.

This new step in insurance coverage is valuable for any organisation that prioritises cyber insurance as a risk-control, and now seeks quantifiable data to verify its cyber posture

Start the Preliminary Stage of your Cyber Insurance Renewal process with an Insurance Renewal Initial Report driven by the Essential 8 Auditor:

Managing Cyber Risk Insurance

Download the Guide

BLOG POSTS

Related Cybersecurity Content

Joint Advisories keep coming: Heads in the clouds

April 10, 2024

As predicted in early 2024 another joint advisory was recently released from the Five-eyes intelligence and cyber security community. This time the advice relates to governments and corporations moving to cloud infrastructure...

Read more

Operational Resilience – Your obligations and FCA PS21/3

March 18, 2024

Operational resilience requirements are being rolled out across the UK and beyond. UK finance firms are required to improve their operational resilience in accordance with Financial Conduct Authority (FCA) Policy Statement PS21/3 (the Policy).

Read more

Getting value from your cyber investments

February 5, 2024

A recent KPMG Report suggests that protecting against and dealing with cyber risks will be the major challenge for senior executives in 2024. It is clear that despite high levels of security investment, organisations continue to suffer from cyber attacks.

Read more

Agency resilience, compliance & reputation: a cyber governance perspective

January 31, 2024

The Australian Signals Directorate’s (ASD) recent publication of their Cyber Threat Report 2022-2023 unearthed a range of areas for concern for government departments and critical infrastructure entities at local, State and Federal level.

Read more

A tale of two conferences

October 6, 2023

Highlights and insights from the recent Managed Services Summit in London & the ISACA Central Chapter Conference on Digital Trust, in Birmingham, UK. With two recent conferences in the space of three days, some interesting challenges were very evident in the topics discussed. Being very different events, the challenges were quite different, but interestingly they […]

Read more

2022’s least wanted: Rockstar vulnerabilities that should be has-beens

September 28, 2023

In early August 2023, the latest joint advisory on persistent vulnerabilities was issued by the intelligence and security agencies[1] of the “Five-eyes” community. These joint advisories are becoming more common. Perhaps recognising the growing importance of shared security information and the common nature of many of the threats faced – the weight they carry makes […]

Read more

Active management for operational and cyber resilience

September 27, 2023

The quality of your risk assessment and the security information it provides is important; if you plan to use it to actively manage your operational and cyber resilience activities. Organisations are constantly exposed to a rapidly changing threat environment, so you really need a similarly rapid evidence-based feedback system that informs you of the ongoing […]

Read more

Applying an Australian regulator’s cyber audit findings, in a UK context

September 26, 2023

The UK market has its own regulators, security standards and challenges. And while rulings from SEC in the US or the Australian Prudential Regulation Authority (APRA) in Australia don’t apply to UK companies, for the most part, the observations are undoubtedly relevant and the resulting advice instructive. It would be wrong to think UK financial […]

Read more

Cyber Gap Measurement & Evidence – The New Standard of Quantifiable Internal Assessment

September 18, 2023

<<< Part 2a: Australia’s Essential Eight: Beyond Endpoint Control <<< Part 2b: Activating UK NCSC & US NIST Guidelines: Beyond Endpoint Control Part 4: Systematic Measurement of Cyber Controls >>> As much as we invest into cyber security controls, external threats are inevitable. In a recent Notifiable Data Breaches Report from the Office of the […]

Read more

Penknives and Cyber Risk Assessment

September 14, 2023

Keen campers, scouts and even the Swiss Army know – that a good penknife is indispensable. This simple device has mitigated many a disaster at one point in time or another. Whether it’s to cut through a bit of string, tighten a screw or simply to solve the problem of no bottle opener in the […]

Read more

SIGN UP TO RECEIVE CYBER SECURITY INSIGHTS

Read by directors, executives, and security professionals globally, operating in the most complex of security environments.

Marketing(Required)
Agree(Required)