Are You Cyber Insurable? Lessons Learned From Cyber Insurers Fighting Ransomware

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Presented at SecTor 2023 by

Julien Ducloy

Lately, in the insurance industry, you could hear the following joke: "Over the past 15 years, cyber insurance has shifted from a product that you can't sell to a product that you can't buy". In mid-2020 the posture of cyber insurance markets has dramatically changed. The evolution of the cyber threat landscape in general and specifically of the ransomware economy has led to a situation unheard of in the insurance industry, where most clients struggled to obtain or renew a cyber insurance policy. Moreover, many organizations were made aware of this new reality in a painful way - when their policy was either refused, not renewed, or came with unexpected requirements. We propose to return to the genesis of this situation, explain what cybersecurity controls insurers are looking for and why, and invite you to conduct a self-assessment of where your organization stands with regard to the expectations of insurance markets.