Page 197 - Cyber Defense eMagazine July 2024

Here is what I learned from the Founders of Riskassure:

Our Solution is Two-fold: one for businesses, one for cyber insurance carriers. We try to help them work
collaboratively:

The central issue is that no business can tell you how much cyber information risk they have, what its
value is, or where it lives.

With this lack of visibility, it is impossible to make informed decisions about how much cyber insurance
you need, leaving most businesses profoundly underinsured and vulnerable to business-ending cyber
events.

The fundamental problem with today’s cybersecurity insurance offerings, is that neither insurance
companies nor their business customers have accurate data about sensitive information risk to make or
buy truly relevant products.

This problem is the result of a deep data deficiency on behalf of cyber insurance carriers.

Unlike other lines of business, carrier cyber security practices have little tangible knowledge about their
customer’s data footprint, history, information risk value and rely heavily on customer attestation
throughout the underwriting process. At the same time, it's difficult for cyber insurers to understand
demand when the buyers themselves are still trying to figure out both their exposure and their buying
appetites.

Furthermore, creating differentiated products that customers actually want remains elusive.

Cyber Defense eMagazine – July 2024 Edition 197
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