Cyber Security CEO on 2022 Predictions
Originally published by: USA Wire | Dec. 28, 2021 | USA WIRE STAFF
The current structure of the cyber insurance market in relation to the threat landscape has been under attack. Historically, organizations would seek insurance, get a minimum capability requirement, attest to doing the required items, and then transfer (a portion of) the financial risk to the insurers. The prevalence of ransomware events and the associated payouts have made that approach unsustainable for the cyber insurance market and it has always been a terrible approach for the insured. Cyber events have far-reaching implications and a failure to evaluate risk and build cyber resilience commensurate with fiduciary responsibilities in this day and age is malpractice. The increases in premiums and lower coverage levels are simply a necessary industry response from cyber insurers. We – the cyber security industry, leaders in all sectors and verticals, and specialists in cyber engineering, GRC, technology – now are faced with a choice. Do we start to change the conversation and narrative around what our role is in allowing this to have occurred and work collectively to lower the risk pools so cyber insurers can play their critical role in transferring some of the financial risks OR do we continue to push our products and services as the savior without consideration of how they work together to enable integrated cyber resiliency?
I think 2022 will continue the trend of ransomware events both hitting the news and being quietly handled. This will likely cause some insurers to leave the cyber insurance market and others simultaneously increase their premiums, lower their coverage levels, and require more proof that the insured are meeting cyber hygiene requirements. The bottom line is that cyber insurance is one of many critical tools for active cyber resiliency and like any other tool, when it is overused it wears down and when it is used in replacement of the ‘right’ tool for the job it performs poorly.
About Jeffery J Engle
Jeff Engle is Chairman & President at Conquest Cyber where he brings a broad spectrum of experience in Risk Management, National Security, and Business Process Optimization. He is responsible for the development and implementation of all strategic initiatives including cyber risk management and secure digital transformation programs. He has served as a consultant for the Department of Defense’s premier adversary emulation team and has conducted vulnerability assessments and training all over the world.
For further information contact:
About Conquest Cyber
CONQUEST is the premier cyber resiliency software platform – enabling an ecosystem of partners and customers across critical sectors to defend against threats, get resilient and enable the US to gain a competitive edge in the battle for cyber supremacy.
Originally founded in 2008, Conquest Cyber took off under the leadership of Jeffrey J. Engle, a retired Special Operations combat veteran and highly regarded expert in adaptive risk management for critical infrastructure. We have an office in Miramar, FL and our Headquarters is in Nashville, TN.
Conquest Cyber Named Winner of the Coveted Top InfoSec Innovator Awards for 2023 Growing cybersecurity company named winner of Third Party Cyber Risk Management category in Cyber Defense Magazine’s 11th Annual InfoSec Awards NASHVILLE, Tenn., November 1, 2023 – Today,...
Implementing A SecOps Strategy For Organizational Cyber Resiliency Jeffrey J. Engle is president of Conquest Cyber, a combat veteran and Purple Heart recipient who served in U.S. Army Special Operations.Originally published by: Forbes Technology Council | Nov. 07,...
Preventive Care – For Your Cyber Environment By Jeffrey J. Engle Originally published by: Nashville Medical News | Oct. 01, 2023 Healthcare systems and providers are quick to acknowledge the benefits of preventive care — such as an annual physical, immunizations,...