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Cyber Insurance that works with you

At its core, insurance is about risk-assessment and risk-sharing. Insurers examine the likelihood of an event happening using both historical data and an analysis of preventative measures, and then offer financial and non-financial protection in the event of that risk occurring. It’s a form of protective, collective action – with the risk aggregated over hundreds, thousands or even millions of customers.

Yet, when it comes to cyber insurance, most companies offering these products fail to achieve the right levels of understanding or are unrealistic in their risk assessment, which leads to ill-fitting, overly complex and excessively legalistic insurance policies. 

There are several reasons for this.

Firstly, most companies offering cyber insurance don’t fully understand the sector because they don’t fully operate in the space. Instead they try to oversimplify it, using legacy insurance risk modelling methodologies, which fail to properly take into account either the complexity of the cyber threat landscape, or the speed at which threats evolve or dynamically spread. Coupled with this, all too frequently people are unrealistic about the mitigation abilities of the technology, training or processes they use to protect themselves from cyber attack. The reality is that stopping all attacks is never going to happen – even if you arm yourself with every tool under the sun, sooner or later something will get past – from the US Government to big tech, attackers can and do find a way through. Instead, the right approach is to ditch the fantasy that technology can stop everything, and instead focus on ensuring that when the inevitable does occur, that the impact is as minimal as possible. This is one of the core roles cyber insurance plays. Insurers help spread and minimise the impact of cyber attacks, so no individual company feels the full extent of the damage. 

Secondly, insurers typically don’t have the expertise or data needed to accurately risk-assess the companies they are offering to insure. There are several interconnected parts to this: understanding the efficacy of the cyber security technology the business is using to protect itself; working with the MSP partners who advise and supply that technology; and then having access to historic claims data that enables the insurer to figure out both what happened, and predict what the impact – both financial and non-financial – is likely to be in the aftermath of a successful attack. 

Tackling these challenges is what makes DataStream’s approach so different.

With unique access to the world’s largest database of claims data and powerful modelling technologies, as well as a ground-breaking approach to analysing a business’ security systems and their digital threat exposure, we work with the businesses we insure in a unique and individual way. The insurance products we offer are designed to help with business continuity when the worst happens – offering a comprehensive package of both financial and non-financial support to get you back up and running. 

However, we believe that insurance can play a far more proactive part in protecting the businesses we serve. Part of that protective approach comes from how we work as true partners with MSPs to augment the cybersecurity layers they provide to their customers, building connectivity to share insights on cyberattacks that proactively helps MSPs to better protect those businesses. By collaborating collectively as a more unified defensive community and sharing data, it means that fires get put out earlier and damage is more contained. It also allows for significantly quicker response times to threats which in turn means defensive tools become more effective.

There is another way in which we are unique, too. When you choose DataStream as your insurance partner, we also invest the time in helping you and your MSPs to assess your business with a focus on risk mitigation – what other things can we collectively do to reduce your risk exposure, including analysing how and why other businesses like yours have been successfully breached. Following on from that, we also then reward our customers for the steps they are taking to protect themselves, but we are also realistic about what they will need – both financial and nonfinancial – to get back up and running when the inevitable does hit. 

Ultimately it comes down to connectivity. To beat a network you need a bigger and better network, and this is what DataStream is building. We are part of this industry, and as such we don’t just want to insure, we want to actively increase resilience for those we work with – making them more secure and negating the potential impact of each risk event.