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Cyber Security Insurance – it is over before it has started?

Cyber Security Insurance – it is over before it has started?

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Cyber Security is an area that invites paranoia of urgency and panic or a level of lethargy and couldn‘t care less will equal force.

Personally I am cautious of this product simply because no one will ever truly know what has been taken from a data base specifically given the files aren’t removed with clear evidence as you would find in a robbery

I went to a fascinating evening supplied by FS Tech a while ago which summarised that anything designed by man can be broken by man, hence Cyber security is one area we can’t afford to ignore.

Since then we have seen invasions into cloud security with very revealing results, and today I read an Insurance broker had to take precautionary measures and temporarily close their website for fear of a cyber attack.

However I also read today that in the London Evening Standard which can be accessed via:  www.standard.co.uk  there is a company called “Scentrics” which is working with the University College London who say they can guarantee total privacy for e-mails and text messaging, with only security services being able to gain access to the messages if they needed to.

The application according to the utterly brilliant and tell it like it is journalist Chris Blackhurst, ‘can be embedded into a mobile handset or computer device, enabling the user to obtain “one click privacy” at the press of a button’.

It can be also apparently be downloaded as an app for a small fee.

Needless to say Scentrics is attracting enormous interest from giant tech companies, and looks like generating £ billions for them.

But the issue you need to think about is does this undermine cyber security insurance as a saleable let alone a scalable product?

Accepting this may be a year or so away from being rolled out perhaps the answer is actually yes.

For the record I tried to call scentrics but they apparently are not registered with directory enquiries!!!

Here’s to a possibly less paranoid future ahead for us and our Clients.


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Robert Marshall

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