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Cyber Insurance

Cyber Insurance Support Services

The Crypsis Group is a trusted partner to cyber insurance providers. Our expert consultants work collaboratively with insurance companies and breach response specialists at law firms to help their insured client base keep their data secure and to provide rapid response in the event of an attack.

Why Do You Need Cyber Insurance?

Cybercrime is one of the biggest threats facing businesses today, and it’s not just large corporations at risk.

The effects of cybercrime are bound to be felt by insurance carriers as the number of cyber insurance claims continues to increase significantly year over year, especially for small-to-medium sized businesses (SMBs).

  • Ransomware attacks and BEC continue to be among the most pervasive and impactful cyber threats to organizations in terms of business disruption and monetary loss. (The Crypsis Group)

  • BEC scams netted cybercriminals more than $12 billion between 2013 and 2018. (Source: Federal Bureau of Investigation)

  • Requested ransom amounts rose nearly 200% from 2018 to 2019, averaging $115,123 in 2019.(The Crypsis Group)

  • 62-percent of SMBs lack the in-house cybersecurity skills to deal with threats on their own. (Souce: Continuum)

  • In 2019, SMBs spent on average $1.2 million as a result of the theft of or damage to IT infrastructure and assets. Disruption to operations cost an additional $1.9 million on average. (Source: Ponemon Institute)

Cyber insurance has become essential as digital technology continues to evolve, and as devices connected to business networks continue to proliferate.

Digital Technology is changing the way that businesses interact with their customers, vendors, and the world at large, increasing opportunities for cybercriminals, insiders, and even nation-states to wreak havoc and create enormous losses for organizations of all sizes.

Computers were created to connect users with the world around them, and in an increasingly digital world, those same lines of communication are open to interception and manipulation, furthering criminal activity across the globe.

While our world continues to rely on technology for operational efficiency, companies of all industries and sizes have continued to rely more heavily on cyber liability insurance as a means to transfer the risk of doing business in such an environment.

How Do Cyber Insurance Carriers Work With Cybersecurity Firms?

The Crypsis Group is on the panels of most leading cyber insurance carriers. We regularly work with insurance providers and highly qualified attorneys, sometimes referred to as Breach Counsel, to create fully coordinated approaches to managing clients’ exposure to cyberattacks.

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The Cyber-insurer selects a Law Firm and Breach Coach to manage incidents under privilege with the client.

The Breach Coach will select an Incident Response Firm from a panel that has been pre-approved by the insurance company.

The Crypsis Group (Incident Responder) works with all parties to investigate and resolve the breach.

At Crypsis, we collaborate with insurance companies, legal counsel, and their covered clients in preparing incident response plans, conducting enterprise-wide digital crisis response exercises, training staff on cybersecurity measures, and managing vendor contracts.

Importantly, Crypsis consultants are always on-call with our insurance company partners and legal counsel to respond to sudden network intrusions, data breaches, and other incidents to quickly stop the damage and minimize network downtime and business interruption. Our experienced team will also conduct forensic investigations into how the attacks happened and determine how they can be prevented going forward.

Learn more about cybersecurity threats and best practices to secure your network, now.

Cyber Insurance Support Services

Crypsis experts help insurers:

  • Enable their clients to develop managed security services to simplify their security operations, make better use of financial and staffing resources, optimize cloud security functions, wade through security solution complexity – and thereby reduce the risk of a breach.

  • Keep current on the latest cyber threats and solutions.

  • Serve as advisors and expert witnesses in matters involving a range of covered risks such as business interruption and reasonable security measures.

  • Work closely with appointed counsel to help clients understand the impact of an incident.

How to Get Started With Cyber and Network Security

One reason that SMBs are prime targets for attackers is that they are known to have limited resources dedicated to securing their networks. However, for many business owners, following the advice above can seem overwhelming or even impossible.

Working closely with an insurance carrier and following their advice when it comes to establishing a process for cybercrime prevention and mitigation is a great first step. When armed with the knowledge to understand the current threat landscape, businesses can then begin to recognize weaknesses in their systems and take the necessary precautions.

Learn more about 2020 cybersecurity best practices now.

Why Crypsis?

At Crypsis, our sole mission is to fight cybercrime. Our team of experts is armed with extensive cybersecurity expertise that equips us to stay one step ahead of cybercriminals. We provide defense against cybersecurity threats and can respond quickly when attacks hit.

The Right Experience.

Crypsis professionals have conducted thousands of cyber risk evaluations and have assisted businesses of all sizes in protecting their valuable information from insider and outsider threats.

Responsiveness.

When a cyber incident occurs, whether it’s ransomware or a data breach, the clock is ticking. We move fast to help contain, investigate, and coordinate the right response to each specific threat.

Focused on Real-World Threats.

Crypsis cyber insurance support service solutions are informed by our unparalleled experience in incident response.

Crypsis Cyber Insurance Support

Learn More About Crypsis Cyber Insurance Support

To learn more about adding Crypsis to your insurance carrier panel, or partner with our team of cybersecurity experts, contact us directly to see how we can help you.

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Additional Insurance Resources

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