Large-scale cyberattacks are no longer rare in the news cycle. Your standard frontpage news is highlighting a new cyberattack seemingly every day due to the frequency and severity of the breaches of 2021. That’s because cyber threats are getting more sophisticated, and more confident in their ability to exploit cybercrime for profit. And many of these large cyberattacks are now being directed towards essential government organizations and companies that are key links in America’s critical supply chains.
As these attacks occur more frequently, and each attempt becomes more successful, cyber insurance becomes increasingly essential for government organizations. Unfortunately, this perfect storm of events has created a critical situation for those seeking typical cybersecurity insurance policies. In our last GovCyberHub Podcast, we learned from Adam Cottini, the Director of Business Development for Legal & Insurance at CrowdStrike, that the increased cyber risk is causing insurance companies to become much more stringent, and policies to become more difficult to obtain.
Today, cyber insurance providers want to know that their customers are taking steps to reduce their risk before they underwrite policies. And they want to see them continuing to manage and mitigate their risk even after they get a policy.
But what does that mean for government agencies? What do they have to do to appease cyber insurance providers? What cybersecurity policies, technologies, and solutions do they need to have in place? And what are cybersecurity insurance providers looking at when making the decision whether to underwrite a policy for a government agency or not?
To answer these questions, we brought Adam back for another cyber insurance conversation. This time, we focused specifically on the increased cyber risk facing today’s government agencies and how that is directly impacting their ability to purchase a policy.
During the discussion, GovCyberHub Executive Editor, Ryan Schradin, asked Adam about what government agencies should be doing to make it easier to purchase a policy, what cyber insurance companies want to see from their policyholders, and how trusted industry partners can better position agencies to purchase policies.
To listen to the podcast, click the PLAY button below:
For more information on cyber insurance and to learn how government organizations can better position themselves to purchase cybersecurity insurance policies, click HERE to download a complimentary copy of the whitepaper, “CYBER RISK READINESS – The need for proactive cybersecurity and transparency when renewing your cybersecurity insurance policy.”