cyber insurance

Cybersecurity companies underinsured?

Lou Covey

Data breaches are a major concern to businesses and governments around the world. So one would think that carrying cyber insurance would be a given. It is not, especially for one particular classification of industry: Cybersecurity.

According to Munich Re, a risk analysis firm, 87% of companies lack coverage. Ransomware payouts doubled to $1.1B in 2023, according to Chainalysis. That’s probably why the cyber insurance industry is booming. The market hit $14B in 2023 and is set to double to $29B by 2027.

Large firms are more likely to carry insurance than small to medium companies (SMCs), even though they are more likely to be targeted by cybercriminals. However, small companies are more likely to carry much larger limits than larger companies.

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Digital Operational Resilience Act

EU’s DORA: Who will stand up for protection?

Lou Covey

The EU's Digital Operational Resiliency Act (DORA) went live in January. This legislation's goals seem to conflict with the US administration’s willingness to ignore technology security standards. The question is: Who will stand up to protect corporate and consumer data?

DORA is highly targeted at the stability and resilience of the financial services sector. It ensures financial institutions can respond to, withstand, and recover from ICT-related threats and disruptions. It also requires robust strategies and policies to manage ICT risks in financial institutions.
Arnaud Treps, chief information security officer at Odaseva, said, “DORA is very different from previous regulation where you have to change where you operate. DORA is about having proper backups, the capability to restore quickly, and building redundancy.”

Europe takes the lead

But does the US rejecting data privacy regulation mean walling America off from the rest of the world? Meta has threatened to potentially limit

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