“MANY SMES UNDERESTIMATE THEIR EXPOSURE TO DATA BREACHES , ASSUMING THESE ARE ISSUES ONLY FOR LARGE CORPORATIONS ”
JAMES HARRISON GLOBAL HEAD OF INSURANCE , DUN & BRADSTREET
that adapt in real-time to a shifting threat landscape .
Si adds : “ As well as underwriting , Resilience is able to leverage technology to provide a cyber risk quantification ( CRQ ) solution that allows businesses to manage their cyber risk holistically . The CRQ helps businesses translate security profile information into financial values and determine value at risk .”
For SMEs navigating this complex landscape , Si offers practical advice : “ SMEs should adopt a proactive approach by regularly evaluating their risk exposure and understanding evolving threats . Engaging with an insurer to transfer some residual risk can be a wise choice in the event of a serious cyber incident . Insurance is much more than just a policy that pays out ; with the right insurance provider it can be a tool to conduct comprehensive risk assessments , considering industryspecific risks and having a panel of incident management experts such as the Resilience in-house 24 / 7 claims hotline , privacy lawyers , digital forensics and crisis communications , to name a few .”
As we look to the future , it ’ s clear that the convergence of AI , machine learning and advanced data analytics will continue to reshape the cyber insurance landscape . Insurers that can effectively harness
136 November 2024