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As demands for better cyber insurance increases , we look at how the insurtech space is tackling the problem of hacking and security
WRITTEN BY : JOANNA ENGLAND
“Given the move to home working , having the right tools to monitor and manage those laptops and mobile devices is key ”
ALEX JINIVIZIAN ESENTIRE
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Mloud Malware , ransomware and phishing : these terms strike fear into the hearts of digitally-driven businesses globally . A hack could mean the difference between survival and failure in our data-sensitive age of technology – and cybercriminals know it .
Political instability has contributed to a problem that was already awash with complications , from advancing technologies to a shortage of talent in the space – and the challenge of helping companies realise that even the simplest change could result in the difference between preventing and suffering from a hack .
According to Nasdaq , and reports by Check Point Software , the scale of breaches is increasing exponentially . In May 2021 , insurers paid $ 40mn in ransom to hackers . But since then , the IoT has continued to explode , the vast majority of companies globally are continuing to operate via a remote workforce , and political instability has ramped up the risk factors .
Major cybercrime threats facing insurtechs Alex Jinivizian , Vice President Strategy and Corporate Development at eSentire , believes the volume of challenges facing the insurance industry – not just regarding their own security , but for that of their customers – has never been higher . insurtechdigital . com 85