People have been looking for a tool to eliminate cyber risk for sometime now but have struggled to find something. Not only would a tool help businesses prevent data breaches but it will help insurance underwriters have a better understanding of the risk they’re taking on and allow them to price the data privacy insurance product appropriately.
I got to meet with a local business owner last week who may have the product. He currently has a product that minimizes health, safety, environmental, and other types of risk to help businesses decrease their insurance costs; they distribute their product through a large international insurance company. He was able to show me a product he’s developed that will allow a business owner to do the same thing with cyber risk. So don’t be surprised if you see a product like this on the open market in the next few years!