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Providing the Right Information to Brokers and Underwriters, Including a Statement of Ransomware Resilience and Other Documentation, Maio Help Secure Better Terms

SAN JOSE, Calif.—Julho 20, 2021—The latest highly publicized ransomware attack, a cyber-extortion incident against Kaseya, has fueled interest in cyber insurance. In an attempt to reduce their cyber insurance costs, organizations are seeking to demonstrate they have systems in place that provide data resilience.

As a result, Panzura has recently experienced intensified demand from firms looking to better understand their options, according to Glen Shok, vice president of strategic alliances. The company provides secure global file-system solutions for managing, accessing and storing unstructured data in large organizations.

Antes de sentar-se com as seguradoras para rever suas práticas de segurança e opções de cobertura, Shok aconselha essas organizações a preparar uma avaliação de risco abrangente. "As seguradoras querem controles tanto de prevenção quanto de recuperação, incluindo uma análise do valor e da natureza dos dados segurados. Isto tem o potencial de reduzir o risco tanto para o negócio quanto para a seguradora, e resultar em prêmios mais baixos", disse Shok.

He suggests they talk to their technology partners and software vendors to obtain a Statement of Ransomware Resilience (SoRR) which may be considered by insurers when negotiating direct written premium and standalone policies. Panzura offers these statements to customers and works with them when they request additional documentation for insurance purposes.

Cyber insurance prices are driven by the need for risk management and the growing incidence of network intrusions, data theft and ransomware exploits. Fitch Ratings reports that direct cyber insurance premiums increased by over 22 percent in 2020 to approximately $2.7 billion with momentum continuing into this year.

Shok disse que as seguradoras responderam à crise do resgate de várias maneiras, incluindo limites para o pagamento de sinistros e a vinculação de pagamentos às ações dos segurados.

"As apólices de seguro podem conter requisitos para proteger proativamente as redes e os dados contra infecções através da implantação de soluções de prevenção, proteção e recuperação. Queremos que nossos clientes compreendam os benefícios de obter as informações corretas para as seguradoras, já que elas procuram assegurar melhores termos ou modular aumentos de tarifas", observou Shok.

Panzura’s CloudFS is a global file system that is inherently resilient to ransomware and other malware threats through data immutability. Organizations that use CloudFS to manage, store and access their unstructured data are less likely to need to pay a ransom to regain access to data held in the Panzura file system, even if subjected to an attack. Data stored by CloudFS cannot be encrypted because the system maintains an unalterable, clean data set.

Notas aos editores:

  • Hard market pricing is being used by insurers to offset claims, along with tightened terms and conditions, and more stringent risk selection. Brokers are trying to get more and better information from their clients to underwriters, in order to secure better terms. See “Cyber insurance and the ransomware revolution” (Insider Engage, 24 Junho 2021).
  • Some insurers are making payments contingent upon policyholders’ actions. They assess whether data has been backed up sufficiently to resume operations within a reasonable period of time, without the payment of a ransom. See “How are cyber insurance companies assessing ransomware risk?” (Dark Reading, 26 Maio 2021).
  • More than 80 percent of all data at large organizations is unstructured. It is more difficult to store, analyze and access than other types of data. This includes sensitive and highly regulated healthcare and financial data, and petabyte-size enterprise files. See “Structured vs. unstructured data” (Datamation, 21 Maio 2021).