Many firms make claims for insurance payouts in the wake of a cyber attack. This is one of the tactics that IT risk mitigation staff use to determine how to manage a cyber attack.
Ransomware alone has accounted for 41% of all claims in 1H 2020.
Receiving insurance payouts in the future is however likely to diminish. Insurance firms are obviously looking to limit their payouts. In fact, many technology insurance claims are denied as attacks, according to them, as they are considered in the realm of warlike activity (see the case of Mondelez vs Zurich Insurance). Many other firms deny payment due to internal error by employees.
Cyber attack insurance has become its own sector and is now disconnected from property policies. As cyber attacks are becoming normal procedure, it is safe to say that insurance firms are demanding security audits, penetration testing and assigned resources (human, technological and financial) in order to even qualify for cyber attack policies. Premiums of course are rising substantively. If cyber attacks continue to exponentially grow as they have been, it is possible that insurance firms will stop offering technology insurance to cover attacks. Knowing the sector though, they will likely develop something. At BLAKFX we are even considering our own insurance product for those that install the Helix22 SDK.
Now, in the era of Covid-19, almost every company in the world has been required to expand their on-line presence, so the demand for new and different sizes of insurance products has grown exponentially. Many small and medium businesses are essentially priced out of the market. On the other hand, as bigger firms that process reams of data, exist in the cloud and have valuable Intellectual Property are more often the hackers favorite targets, the premiums for big companies are sky-rocketing.
The bottom-line is that firms simply cannot afford to include insurance products any longer to mitigate losses.
As every firm knows, the eventuality of a cyber attack, is inevitable, therefore the costs of operation are going to go up and up simply due to premiums. This is not a sustainable business model.
Finally, insurance is only a compensatory solution in relation to a data breach. The cost to your firms users, the loss of Intellectual Property, financial losses, the potential stock price loss, the operational cost of fixing the breach and any associated costs are all going to continue to increase. Companies already spend over $100 billion on information security, so getting a small return due to an insurance policy seems less of a solution.
Why not simply spend your firms information security budget more effectively?
Lowering costs of data security is a primary objective of BLAKFX. In fact, we’d like to see the cost of cyber risk to your firm be $0. We firmly believe that the cyber attack pandemic can be eliminated through the use of our patented Helix22 SDK.
Helix22 delivers all this security assurance very confidently due to our genius engineering team that has invented a new model for data security that required an innovative look at the problem. The approach we took was to protect the data itself. Almost all other data security products try to build a perimeter or being fanatic on user identification. However, once the product is breached or a password is stolen, your firms data is in the clear.
You see, the Helix22 cryptography is embedded with the data itself through our inventive and patented process of DNA BindingTM. Therefore, even if a breach were to occur the data cannot be exfiltrated. This means that all data is 100% protected regardless of the type of attack.
The real practical genius of DNA BindingTM is in that it is immediately compatible with whichever system or software you are utilizing. Helix22 is also installs with only 5 lines of code and has an ultra low latency. Unlike other security products, we actually speed up your system
We can make this claim as the tech engineers at BLAKFX invented and patented a genuine user2user (U2U) encryption. We manage data security transmission through the truly brilliant and also patented universal Helix22 key service. The Helix22 encryption originates on your network or device, not just when the app is opened. This means, that when data arrives to our key server, it is already encrypted so all it needs to do is issue another key. Signal and Telegram cannot claim this level of security. This key will then only work with the intended device, which generates a matching key required to open the data. In this protocol, we are truly a “zero-knowledge” server so your medical communications and transmissions remain completely top secret. Even in the event that BLAKFX were subpoenaed, we can honor the request by just handing over the encrypted content…as that is literally all we have. Helix22 also only use keys just one-time and then destroys them. This way the data security is future forward prefect. Therefore, in our unique user-to-user encryption (U2U) world, there is no opportunity at all for any data leak.
This same protocol just described, can be the same with all your 3rd party vendors and suppliers. It does not matter in the least what platform they are running or what device they are using or even the type of data, it is all 100% protected. We do however, strongly advise that all your partner firms be utilizing Helix22 due to the nature of the data content. Helix22 can ensure that whatever data they are generating is protected as well.
Let’s take it a step further. Even if your organization were a victim of an internal attack or a victim of malicious open source downloads, there is no reason for concern. Any data that has been forwarded, downloaded, copied or saved cannot be exfiltrated. Period. We have the technology industries foremost data packets which are protected with multi-layered, military grade encryption algorithms that have already proven the ability to withstand penetration testing from MI6 and quantum computing attacks.
Our founders also founded Wickr, which is used by the US military and has never been hacked since its inception in 2012. Helix22 is several generations enhanced since then.
Finally, the Helix22 encryption is quantum computing ready so no need to redo all your data security methodologies in a couple of years when everything else becomes obsolete.
We have developed our data security products for the future in all of our engineering.
We like to refer to Helix22 as 22nd Century Data Security.
To read more about Information Security and Insurance, click here:
https://www.zdnet.com/article/ransomware-accounts-to-41-of-all-cyber-insurance-claims/