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The Value of Region-Focused Specialist Cyber Insurance

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STRUAN TODD

Vice President - Underwriting

With cyber attacks on the rise and the average cost of breaches rising dramatically, businesses of all sizes, across all industries, are increasingly vulnerable.

 

Having a cyber insurance plan is crucial to building cyber resiliency and mitigating the possible repercussions of an attack. Experienced underwriters at Pandamatics UW and cyber security specialists work together to offer our clients insurance that fits the specific needs of organisations in Asia.

 

Different approaches to cyber insurance.

 

Many cyber insurance policies in the market are provided by multi-line insurers who base their offerings in Asia on their portfolio experience in territories outside of the region such as Europe and the USA. This ‘broad stroke’ approach may not necessarily focus on the cyber threats that local businesses face nor address the true concerns of clients in a fast-changing environment. 

 

Specialist cyber insurance providers endeavour to ensure that every detail of a company’s cyber security is covered, clients are fully aware of what their coverage includes, and that the specific needs of local businesses are adequately addressed.

 

On the practical side, non-specialist underwriters can be slow to update their policy wordings and conditions in a fast-changing cyber threat landscape. This results in ‘grey areas’ and uncertainty when needing to make claims as clients are unsure of their policy coverage. Further, if underwriters work directly with Digital Forensics and Incident Response (DFIR) providers, this relationship is not always direct between client and service provider. Going through the insurer and/or their breach coach as a middleman adds precious time and cost in a crisis situation. 

 

Choosing the right cyber insurance provider for your organisation is an important partnership decision that can be vital to ensuring that you are armed with the best response panel to recover from a breach quickly and efficiently with minimal interruption to your business activities.

 

The value of standalone cyber insurance policies.

 

Cyber insurance policies are extremely beneficial to organisations, offering rapid response, legal guidance, and PR support in addition to monetary compensation in the event of a cyber attack that disrupts essential systems or compromises the security of any data held. With a cyber insurance policy, a company may be able to recover lost data and afford continued service to customers despite the disruption.

 

Standalone cyber insurance policies cover first-party and third-party costs in the event of a cyber attack. First-party costs include the costs of investigating a breach, recovering the organisation’s computer systems, and managing public messaging. Third-party costs are those resulting from damages and settlements, and include the corresponding legal costs along with notification to regulators. 

 

Many multi-line insurers offer cyber insurance extensions as a quick fix for cyber security and a way to ensure that they maintain the premiums that they receive from client’s under their other insurance policies. Whilst these extensions offer baseline coverage for liabilities emanating from a cyber breach or costs for IT breakdowns following a breach, they lack the holistic coverage that is crucial for the survival of organisations such as assistance from experts in their respective fields to ensure loss and reputational damage is minimal. 


Pandamatics UW's partner Hiscox recently found that one in six businesses was threatened by a cyber attack in the last year. Such attacks can have devastating effects - cyber risk must be adequately addressed.

What makes Pandamatics UW different?

 

Pandamatics UW offers its clients a hyper-focused service with world-class cyber security expertise, tailored to businesses in the Asian region. Pandamatics UW is the only pure cyber insurance coverholder in Asia, powered by the synergy of cyber security specialists and expert underwriters.

 

Our underwriters understand the existential threat cyber breaches pose to modern businesses and hone in on the fact that this threat must be addressed directly, through comprehensive coverage and holistic cyber risk management solutions. 

 

On top of extensive coverage for the full spectrum of cyber risk, including business interruption, extortion and ransom negotiation, digital forensics expenses, data recovery costs, stakeholder notification, legal counsel and reputational protection, Pandamatics UW covers third-party liabilities and the cost of defending regulatory investigations after alleged breach of data protection legislation.  

 

Strategic partnerships designed for incident response efficacy.

 

Cyber attacks can spread across an entire network within minutes, and reducing the dwell time of the attack - the time that passes between the attackers penetrating the system and when the attack is contained - can make an enormous difference in the damages caused. 


Pandamatics UW offers its clients discounted, direct, and privileged access to Blackpanda Incident Response in the event of a breach. Blackpanda offers Incident Response, Digital Forensics, Ransomware Response and Negotiation services together with other pre-breach offerings including Compromise Assessments, IR Plan and Playbook Development, and Tabletop Exercises. The firm also offers complimentary installation of Pandarecon, a proprietary incident response tool enabling remote forensic data collection on all customer endpoints. This solution provides clients with real-time risk analysis, expedited incident investigation and efficient resolution.

Through the strategic partnership with Blackpanda, Pandamatics UW clients can save precious time by directly engaging DFIR experts at Blackpanda who will contain and eradicate the attack.

 

Additionally, Pandamatics UW clients have access to a complimentary cyber care package and strategic advisory, DarkOwl dark net scanning, and best practice guides covering practical recommendations to reduce organisational cyber risk. This is to ensure that your company can not only absorb the hit from the adverse consequences of a cyberattack, but is also resistant to future cyber attacks. 

 

Pandamatics UW also partners with SentinelOne to provide discounts for Pandamatics UW clients to purchase its licences. SentinelOne unifies detection and response capabilities across multiple security layers, providing security teams with centralised end-to-end enterprise visibility, powerful analytics and automated response across the complete technology stack. In the most recent MITRE Engenuity ATT&CK Evaluations, SentinelOne was the only EDR solution that had 100% visibility with no missed detections, the highest analytic coverage, and zero delayed detections. Pandamatics UW’s trusted incident response team at Blackpanda utilises SentinelOne alongside their own tools in order to conduct active threat-hunting in the event of a breach.

Cyber threat actors operate differently across the world. The regional focus and strategic partnerships held by Pandamatics UW, combined with expert knowledge of the Asian cyber threat landscape, empowers the business to service clients’ tailored needs rather than offering generic products and services that ignore specific requirements and nuances. 

Conclusion

Pandamatics UW's market-altering insurance solutions, are backed by the capital strength, stability, and reputation of the Lloyd’s of London market "The World's leading marketplace for commercial, corporate and specialty risk solutions” through partnership with Hiscox and Chaucer.

At present, cyber insurance is not an option but a necessity for organisations of all sizes. Cyber extensions have an unfocused approach and are inadequate protection in an evolving environment. Whilst most large insurance companies now offer cyber extensions and cyber packages, they are primarily concerned with premiums and performance of their portfolios. On the other hand, Pandamatics UW is concerned with educating organisations, mitigating cyber risk and ensuring their clients can get back on their feet as swiftly as possible. Through the synergy of experienced underwriters and Asia-focused cyber security specialists, Pandamatics UW offers insurance as part of a holistic cyber defense package.  This is why opting for a specialist cyber insurance policy founded upon a deep awareness of the threats that a company faces in the Asia region is key to fully ensuring your company can survive despite the volatile cyber threat landscape. 

 

Interested in our offering? Contact us and we will work together to understand the best cyber insurance and risk mitigation strategy for you.