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Cyber Resilience Through Bundling: The Regulatory Challenge
Manage episode 482915567 series 3604885
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Explore the emerging practice of bundling cyber insurance with security products and services, a strategy aimed at enhancing cyber resilience by incentivizing policyholders to adopt proactive security measures from the outset. This episode delves into the potential benefits, such as encouraging better cyber hygiene, aligning the long-term goals of insurers and policyholders to reduce incident frequency and impact, improving risk mitigation, providing deeper risk insights through real-time data, offering guidance on effective security controls, and making security more accessible and affordable for SMEs and SLTTs. We also examine the significant concerns and barriers preventing wider adoption. These include historical worries about insolvency, potential impairment of risk assessment and pricing, the risk of discriminatory practices in partnering with security vendors, and inherent conflicts of interest in business-to-business relationships between insurers and service providers. A major hurdle is the complex and varied regulatory landscape across different states, where differing interpretations of anti-inducement, anti-rebating, and anti-bundling laws create uncertainty and a "chilling effect" that hinders innovation and widespread implementation. Discover why navigating these concerns requires careful oversight and regulation to balance cybersecurity effectiveness with market choice
www.breached.company/beyond-the-breach-how-cyber-insurance-can-drive-proactive-cybersecurity
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