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Co-founder of InsurTechnix here. Our tech helps cyber insurers provide pro-active risk mitigation inside of just financial risk transfer. My Mom suffered her w
by JohnCClarke 6y ago
Co-founder of InsurTechnix here. Our tech helps cyber insurers provide pro-active risk mitigation inside of just financial risk transfer.
My Mom suffered her whole life from manic depression and schizophrenia so I can imagine what the victims of these attacks are going through.
The reason we like cyber insurance as a channel for cyber security is that the insurers have "skin in the game" in because they pay out for incidents.
- robocat 6y agoWho do the insurers pay out? If a company indemnifies themselves through insurance, they have increased their moral hazard (ignoring balanced decreases in other areas). Insurance doesn’t help the victims.
- JohnCClarke 6y agoInsurTechnix believes that it's important to pro-actively defend against ransomware. The costs of e.g. patching OSes, or updating software applications, or blocking RDP ports, etc. are tiny by comparison with direct and indirect costs of attacks. Currently cyber insurance is a game that no-one really wins. That's why we're trying to change the game.
- PeterisP 6y agoInsurance does help the victims - without insurance, the victims are unlikely to see any meaningful compensation from the company who failed in their data safeguarding duty, as the company will simply be bankrupt, the compensations would be far more than they could possibly pay unless they have insurance that will fund the compensation payments.