What is Cyber Insurance? (w/ Daniel Kasper)

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You can get insurance for about anything. From homes, your health, to even a singer’s voice, cyber insurance is a newer but growing market. Cyber insurance is a type of property and liability insurance created by cyber risks. When you think about cyber security risk, hacking usually comes to mind. This might be data breaches or denial-of-service attacks. But what about the second and third-order effects associated? Media and reputational damages, legal liability from other damaged parties, and more.

Quantifying cyber risk into actual dollars is no walk in the park. The inter-dependencies between business and computer networks make this even more difficult. The actual damages of a cyber incident or hack can easily dwarf paper estimates.

Insurance companies model payouts using historical data of comparable hacking incidents. But with cyber security being so new, there isn’t nearly as much data as fields like car or health insurance. It’s hard to tell when the next “100-year flood” event in cyber will come and wipe out everything. much of the gains accrued by the cyber insurance industry.

You've got to wonder if the risk cyber insurance providers assume outweigh what they're actually covering.

In this conversation with Daniel Kasper, we learn all about the considerations behind cyber insurance. We discuss cyber risk quantification, the structures of insurance plans, and the future trajectory of this market.

Daniel is a researcher specializing in the fields of cyber risk and cyber insurance. He's worked as an intern for KPMG Germany and at a wholesale insurance broker focused solely on cyber security. Daniel offers a wealth of knowledge when it comes to the non-technical aspect of cyber risk management. He has both a Bachelor’s and Master’s in Economics, and is pursuing a PhD in cyber risk quantification.

Cyber insurance is a market that will grow with the cyber security risks moving forward. Everyone is going to need it. It's a problem opportunity for both cyber AND insurance professionals to solve together.

00;00 Introduction - Daniel Kasper
01:21 What Types of Insurance Are There?
02:51 Misconceptions About Cyber Insurance
03:58 What Makes Cyber Insurance Compelling?
07:15 Why More Companies Aren’t Getting Insured
09:49 What Goes In a Cyber Insurance Policy?
13:07 How Much Does a Cyber Insurance Policy Cost?
15:25 How Do You Quantify Cyber Risk in Financial Terms?
18:52 How Cyber Risk Modeling Can Be Flawed
20:42 What Types of Cyber Risks are Insurable?
25:45 How To Get Cyber Insurance As a Large Company
27:52 How To Get Cyber Insurance As a Small and Medium Business
29:18 How Big Is the Cyber Insurance Market?
33:19 Biggest Cyber Insurance Companies
34:32 Audit Requirements for Cyber Insurance
37:07 Filing a Cyber Insurance Claim
38:29 How Much Cyber Expertise Do Insurance Professionals Need?
40:46 Will Cyber Insurance Be Available to Individuals?
42:16 Transitioning from Economics to Cyber Insurance

----- Resources ----

Cyber Economics:

LinkedIn:

#CyberInsurance #CyberRisk #Cyberspatial

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Thank you so much these videos are a incredible help for someone starting in this field!!

jackpierce

Thank youuuu so much for the video! I'm currently a Master Cybersecurity student, and my summer applied cybersecurity research paper aim is to extend the CVSS and include estimation of financial damages that may incur for each vulnerability. My supervisor shared journals relating to cyber insurance, which I did not understand how it correlates until I watch this interview video of yours! Great wide sharing & wonderful effort, Ricky!

faris

Such a comprehensive overview, good stuff!

MrVishalkankatala

Hey Ricky, great interview as always. It's great to see such experienced people on these. I was wondering when there were going to be other videos similar to before like the '5 skills in cyber' or 'why cyber is hard'.

Also, if you're looking for other video ideas, I was thinking maybe you could try doing something like 'topics/programs/etc. to learn for cyber' (ie breaking down those subfields of cyber you mentioned before like networking, coding, sysadmin, etc.). Another idea could be 'different steps to take to get better in cyber'.

Keep up the great videos! This channel helps a lot!

BrandenBrick

Great video - still extremely relevant today. Unsurprisingly, all of Daniel's future predictions seem to be true today!

matteobragoli

How the cyber insurance premium will differ to a customer on ransomware. Who use sophisticated EDR/XDR solution vs basic Antivirus. Is that premium decided after evaluating the customer cyber hygiene?

amilaandarage

discussion was really very interesting.Liked it.

siddheshghag

Very informational. Thank you for the insights!

Sebastian

I had been thinking about starting a company as such.. Damn, great video. Let's start a insurance company !

MD-trsh

Great video, but didn't understand what does coverage means when talking about cyber insurance...can anyone help?

gurleensingh

Very informative. I wanted to know how cyber insurance works for companies who provide SOC as a service for set of banks. If one bank got breached with considerable damage on data breached and brand damage. How the SOC as service provider will be covered by Cyber insurance for the penalties and damarages charged by bank against them. Thanks

amilaandarage

Such an incredible content! Really this helps me a lot, I'm willing to start my cyber insurance business, and really man this is what I'm looking for. Great work cyberspatial team!!

kumarsahab