Cyber Risks Insurance – Is It Over Before It’s Begun?
Cyber Risks Insurance is one of those topics that swings wildly between panic and apathy. Some treat it with urgent paranoia. Others shrug it off as irrelevant. Both extremes are risky.
Personally, I approach the concept with caution. The real concern? You can never be sure what’s been taken from a database during a breach. Unlike a physical robbery, digital theft doesn’t leave obvious signs. Files aren’t stolen in a way that’s easily proven or traced.
Some time ago, I attended a fascinating evening hosted by FS Tech. The key takeaway? Anything made by humans can be broken by humans. Cybersecurity, then, is not a luxury—it’s a necessity.
Since then, we’ve seen breaches into cloud security that have revealed uncomfortable truths. Just today, I read about an insurance broker who had to shut down their website temporarily to protect against a suspected cyber attack.
But there’s another side to this story.
According to the Evening Standard (www.standard.co.uk), a company called Scentrics, in partnership with University College London, claims to offer total privacy for emails and text messages. Only authorised security services would be able to access them.
As described by the straight-talking journalist Chris Blackhurst, this technology can be embedded into phones or computers. Users can enable “one-click privacy” with a simple tap. There’s even an app version available for a small fee.
Naturally, Scentrics is drawing serious attention from major tech companies. It could be worth billions.
So, here’s the big question: if Scentrics and similar innovations deliver on their promises, will cyber insurance become obsolete? Will businesses still need it?
It may take a year or more before this tech reaches the mainstream. But if it works, the answer could be yes.
And that might just mean a less paranoid, more secure future for us and our clients.
Author
Robert Marshall
Recent Posts
- Fear like greed is a strange commodity, so don’t panic
- What value does professionalism have in today’s world of Insurance?
- Definitely not more cyber rubbish
Categories
Any questions?
- 0800 038 9000
- sales@trident-insurance.co.uk