Locks and Security News: your weekly locks and security industry newsletter
27th November 2024 Issue no. 731

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Comment: Global cyber insurance market set to hit $90 billion+ in next decade

Dr Ilia Kolochenko*, CEO and Chief Architect at ImmuniWeb and Adjunct Professor of Cybersecurity and Cyber Law at Capital Technology University, commented:

“Behind the beautiful façade of the rapid market growth, consumers of cyber insurance increasingly face unpleasant surprises and disappointment. One of the most frequent pitfalls are creative and oftentimes inconspicuous on their face exclusions and exemptions from insurance coverage under various pretexts, ranging from insuree’s own negligence to complex questions of international law and cyber war.

Another widespread issue is a loss of control over the investigation and incident response once a data breach happens: your cyber insurance and external companies hired by it will run the entire process – usually in a manner unfavorable for the insuree in one manner or another – or simply deny the coverage. Among other problems and limitations are contractual time limits, for instance, some insurance contracts may cover just one or two incidents per year, so insurees have to do some guesswork whether an incident deserves use of their scarce insurance.

To avoid such pitfalls, insurees shall carefully read their insurance contracts and any annexes thereto, inviting both their lawyers and technical teams to thoroughly review the documents. Hiring an external law firm specialized in cyber insurance and cyber law may likewise be greatly beneficial to obtain the best pricing and most comprehensive coverage. Having said that, while not being a panacea, in many industries, a well-scoped cyber insurance can greatly help breached companies stay afloat and avoid catastrophic damages after being hacked.”

More on the story here: https://finance.yahoo.com/news/cyber-insurance-market-set-hit-091200389.html

*Dr. Ilia Kolochenko is a Swiss application security expert and entrepreneur. He started his career as a penetration tester and has 15 years of experience in security auditing and digital forensics. After serving in Swiss artillery troops in 2007, Ilia founded his first pentesting and cybersecurity consultancy High-Tech Bridge. 

In 2014, Frost & Sullivan named the company a leading service provider in the European pentesting market. Later Dr. Kolochenko invented and built the concept of the ImmuniWeb Platform, which combines the strengths of human intelligence with Machine Learning, and is now entirely dedicated to it. 

Today, as a Chief Architect at ImmuniWeb, he leads the company’s data scientists, security analysts and software engineers. Dr. Kolochenko holds a Bachelor of Computer Science and Mathematics degree from Webster University, a Master in Legal Studies degree from Washington University in St. Louis School of Law, a Master in Science in Criminal Justice (Cybersecurity & Cybercrime Investigation) degree from Boston University, and a PhD in Computer Science degree from Capitol Technology University. Currently, Dr. Kolochenko is also an LLM (Master of Laws) Candidate at the University of Edinburgh Law School.

Dr. Ilia Kolochenko is a member of Europol Data Protection Experts Network (EDEN), a Member of GIAC Advisory Board and SANS CISO Network, a Committee Member at Boston University MET CIC (Cybercrime Investigation & Cybersecurity) Center and CIPP exam item writer at the International Association of Privacy Professionals (IAPP). He authored over 50 articles on application security and cybercrime investigation for leading cybersecurity magazines. Dr. Kolochenko is a Certified Information Privacy Professional (CIPP/US, CIPP/E, CIPP/A and CIPP/C) by IAPP and is a holder of multiple GIAC cybersecurity certifications (GDAT, GCPN, GPCS, GCSA, GCTI, GMOB and GLEG).

17th January 2024