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Cyber-insurance moves to note

And some more around cyber insurance.

Cyber insurance and security company Coalition has partnered with Intuit to deliver comprehensive cyber insurance coverage to protect their businesses against ransomware, phishing and other cybersecurity threats, according to a statement from the companies.

Wired has a piece on insurance – and the core is that insurance companies do keep paying out.   Would a ban on ransomware payments stop them?   Fines on payment… could just become a premium on the payment.  

Why do we care?

I continue to have a working theory that insurance companies will be influencing the market, and I stand by it.   The area they will change is the floor.   SMBs, and MSPs, won’t be able to get insurance at affordable rates without some level of basic competence over time.   Insurance companies are built for risk management, and will build tests to determine acceptable risk.

No 2FA?   Unsafe vendors?     Too much on prem software?   Too much legacy?  All those risks will result in higher premiums, because the insurers will know what to ask for.

That’s how they impact the change to come.