(TheNewswire)
Vancouver, British Columbia –TheNewswire – March 27, 2024 - Integrated Cyber SolutionsInc. (CSE:ICS) (FSE:Y4G). Since 2018, theglobal cyber insurance market has experienced remarkable growth beyondthe industry average, with coverage volumes tripling over that timeframe. Today, this insurance domain has generated approximately US$13billion in gross direct premiums by 2022 and is expected to produce anindustry compound annual growth rate (CAGR) of 12.3% from 2023 to2030.
The cyber insurance market refers to the sector within the insuranceindustry that provides coverage against losses and damages resultingfrom cyber incidents and cyber-related risks. This type of insurancetypically protects individuals, businesses and organizations againstvarious cyber threats, including data breaches, hacking attacks,ransomware, network outages, and other forms of cybercrime.
Similar to conventional property insurance coverage, cyber insurancepolicies can offer remediation for a range of expenses to replace,substitute and mitigate the costs associated with the loss ofproperty. Some policies may also include coverage for businessinterruption losses resulting from cyber events.
While the market involves risk managers, cybersecurity experts, andlegal professionals who contribute to assessing risks, developingpolicies, and managing claims, the cyber industry remains relativelyunstructured against the more mature sub-sectors. The absence of asecondary market for risk-sharing, lack of a dependable incidentrecord databases, along with the inadequacy of automated tools forrisk assessment collectively places the responsibility on the clientto accurately self-assess their risk profile.
This presents a significant liability gap that leaves many companiesvulnerable—even those who believe they have sufficient protection.
While the cyber insurance industry remains in its infancy relative totraditional insurance realms, Integrated Cyber Solutions ismethodically attempting to tame this chaotic and undefined market. Itis doing so led by an experienced leadership team who understands itsend user needs, while developing a proprietary platform that iscomprehensive and intuitive to operate.
More specifically, ICS has adopted an industry first Cyber RatingSystem. The purpose of this system is to provide a quantifiable systemto balance risk between providers and their clients. The systemprovides the insurers with a real-time tool to constantly evaluatetheir clients risk score thus significantly eliminating risk exposure.It is dynamic and able to be customized to each situation whileproviding an experience database of claims performance to allowactuaries the capability to better assign risk.
At the core of ICS’ security infrastructure lies a “Generative AIModel” capable of processing and correlating all activity andreporting it in a humanly understandable manner. The output is aweighted risk score measuring client’s real-time readiness. We alsoincorporate emerging industry regulations as well as part of ourservice as well.
According to Integrated Cyber Solutions CEO Alan Guibord, navigatingthe landscape for cybersecurity solutions is immensely challenging dueto network complexity and budget outlays: “The abundance of choices,coupled with the intricate jargon and complexity, can render theselection process daunting and perplexing. We have built ICS to exceedthe cyber security demands of small and medium sized businesses in aforeboding threat matrix environment.”
The Cyber Insurance Industry PresentsFuture Growth Opportunities
The anticipation that the cyber insurance market will surpass theindustry average in future growth is rooted in several key factors.Firstly, the landscape of cyber threats is continuously evolving andbecoming more sophisticated with the rapid advancements in technology.Consequently, businesses and individuals are increasinglyacknowledging the necessity of cyber insurance to shield themselvesfrom potential financial losses resulting from cyberattacks.
Secondly, there is a notable shift in the regulatory environmentworldwide towards stricter regulations concerning data protection andcybersecurity. Compliance with these regulations often mandatesinvestments in cybersecurity measures and insurance coverage, therebypropelling the demand for cyber insurance policies.
The heightened awareness of cyber risks is permeating throughbusinesses of all sizes, largely due to the prominence of high-profilecyber incidents in the media. As a result, more organizations areacknowledging the potential financial ramifications of cyberattacksand are turning to insurance as an integral component of their riskmanagement strategies. This growing awareness is contributingsignificantly to the expansion of the cyber insurance market.
High Profile Incident | Company | Date |
SolarWinds Attack | SolarWinds | Dec 2020 |
Equifax Data Breach | Equifax | Jul 2017 |
Yahoo Data Breaches | Yahoo | Various |
Marriott International | Marriott | Nov 2018 |
LinkedIn Breach | | Apr 2021 |
Capital One Data Breach | Capital One | Jul 2019 |
As the threat and exploitation matrix increases exponentially acrossthe curve, companies with the vision and wherewithal to develop thetools to navigate this growing market present opportunities toinvestors. Integrated Cyber Solutions is one such company addressingthe needs of organizations both large and small..
About Integrated CyberSolutions
Integrated Cyber Solutions is a managed security service provider(MSSP) that humanizes cybersecurity managed services to theSmall-to-Medium Business (SMB) and Small-to-Medium Enterprise (SME)sectors. The Company integrates capabilities from third-partycybersecurity providers, ensuring customers have access to the latestcybersecurity solutions. Apart from providing essential cybersecurityservices, Integrated Cyber’s managed services and IC360 technologyplatform consolidate vast amounts of information to generateactionable intelligence from the numerous software point solutionswithin their customer’s environments. The results enable simple,understandable, and actionable insights to help customers comprehendand better secure their organization.
Contact:
Media Relations Team
email: PR@Integrated-Cyber.com
Forward-Looking Statement
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