Episode 9

full
Published on:

9th Nov 2022

Evaluating the Effectiveness of Cyber Insurance: Is It Fit For Purpose?

Most businesses will have a plethora of insurances - employer liability, public liability and indemnity, for example - but what about cyber insurance? It is a relatively new area of insurance, although the risk has existed almost since we started using computers and mobile devices. 

 

According to the UK Government Cyber Security Breaches report, 39% of UK businesses have identified at least one cyber attack in the past 12 months, making cyber insurance more crucial than ever. 

 

Nobody knows more about risk than people that work in insurance, so I have invited Matt Clark, expert in international risk management and insurance, to join me for this new episode. We discuss how cyber insurance has evolved from solely protecting breaches to covering risks and how insurance companies calculate premiums based on threats in cyberspace.  Further, we cover the expectations of both the company and insurer in the case of a breach and the rising cost of cyber insurance. 

 

 

Listen to this episode on your favourite podcasting platform. 

  

If you are a new listener to Razorwire, we would love to hear from you. For more information about us or if you have any questions you would like us to discuss on the podcast email podcast@razorthorn.com. 

 

 

In this episode, we covered the following topics: 

 

  • An overview of cyber insurance and how it has evolved since it was first introduced 
  • Who really needs to have cyber insurance?  
  • How cyber insurance companies calculate your insurance premiums 
  • The challenge of promoting awareness of cyber insurance in companies 
  • Do the expectations of the company and the insurer differ in the event of a breach? 
  • Is cyber insurance becoming more expensive and what value do you get for your money? 

 

 

 

GUEST BIO  

  

  

Matt Clark 

 

Matt Clark has over 30 years’ experience in international risk management and insurance. He specialises in science and technology businesses, including those working in IT, communications tech, life science and healthcare and emerging tech. Matt is a Chartered Insurance Risk Manager with experience in the US, Middle East & Far East. 

 

Connect with Your host James Rees 

 

Hello, I am James Rees, the host of Razorwire podcast. This podcast brings you insights from leading cyber security professionals who dedicate their careers to making a hacker’s life that much more difficult. 

Our guests bring you experience and expertise from a range of disciplines and from different career stages. We give you various viewpoints for improving your cyber security – from seasoned professionals with years of experience, triumphs and lessons learned under their belt, to those in relatively early stages of their careers offering fresh eyes and new insights. 

With new episodes every other Wednesday, Razorwire is a podcast for cyber security enthusiasts and professionals providing insights, news and fresh ideas on protecting your organisation from hackers. 

Listen to this episode on your favourite podcasting platform and for more information about us or if you have any questions you would like us to discuss on the podcast email podcast@razorthorn.com. 

 

If you need consultation, visit www.razorthorn.com, We give our clients a personalised, integrated approach to information security, driven by our belief in quality and discretion. 

 

Linkedin: Razorthorn Security 

Youtube: Razorthorn Security 

Twitter:  @RazorThornLTD 

Website: www.razorthorn.com 

All rights reserved. © Razorthorn Security LTD 2023



This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
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About the Podcast

Razorwire Cyber Security
The Podcast For Cyber Security Professionals
Welcome to the Razorwire podcast where we share information, best practices and up to date news in cyber security and infosec.

Our mission is to help you become a better cyber security professional and support our vision of creating an agile community of cyber professionals who are stronger than ever before.

This show is first and foremost about sharing knowledge and benefiting from collaboration. We bring you the advice and wisdom of both your host, James Rees, and his guests to build on the strength and depth of your own knowledge and experience.

Your host James Rees is an information security veteran with over 25 years of industry experience and is the founder of Razorthorn Security, delivering expert security consultancy and testing services on a day to day basis to some of the largest and most influential organisations in the world, including many in the Fortune 500.

The Razorwire podcast is for cyber security professionals looking for new ideas and the drive to improve their response to cyber security events. Through collaboration, we can strengthen our defences.

For more information about us or if you have any questions you would like us to discuss on the podcast email podcast@razorthorn.com or head to www.razorthorn.com

About your host

Profile picture for Matt Cheney

Matt Cheney

Matt is a podcast & content creation coach with over 17 years of professional experience. He has delivered content for global media platforms, brands, broadcasters, and apps, producing EMMY award-winning music features, BAFTA nominated animations, and iTunes chart-topping podcasts, among other projects. He has edited & mixed over 650 hrs of TV, recorded 10,000 hrs of narration and podcasts, and produced 10,000's of media assets for brands such as BBC, SKY, Nike, O2, Audi, RCA, Amazon, Google.
As the former Head of Audio for Vice Media UK and Rapid Pictures Post Production in London, Matt is well-versed in media and technology, as well as in leading and training creative teams.