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Episode 8.7: Arming insurance companies for cyberbattle
Manage episode 405016742 series 3143734
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With the exception of people in insurance, nobody like to talk about insurance. That's why, three years ago, few people felt sorry for the insurance industry as it reeled from claims due to multiple natural disasters, rising costs of automobile repairs and, more specifically, data breaches.
Last year, however, was a banner year for cyber insurance while cyber criminals took the financial hit. The size of the global cyber insurance market is predicted to see rapid growth the total market size increasing $20 billion (U.S.) by 2025. That turnaround is largely due to insurance companies requiring heavy prerequisites for cyber awareness, basic cyber hygiene an mandatory, ongoing audits.
One of those companies is Upfort, providing a variety of services to the insurance industry to vet potential clients and make sure they stay secure through training, unique firewalls, and red teaming services. We talked to their CEO XingXin about how companies like his are turning the tables on criminals and making insurance affordable.
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