Update: Agile & Optus Macquarie University Cyber Security Hub Collaborate
Agile Underwriting has released an update on the research collaboration with The Hub.
Agile Underwriting Services Pty Ltd (Agile) brings technology to the forefront by delivering amongst other products, innovative cyber insurance solutions to Australian businesses. Agile believes that empowering businesses to improve their cyber readiness is the most effective way to reduce their cyber risk exposure and accelerate their recovery from cyber-attacks.
Agile’s Incident Response Plan Guide can be found here, and it is free for anyone to use.
James Crowther, (Agile Cyber — General Manager) says “Through a research collaboration with The Optus Macquarie University Cyber Security Hub in 2018 (link below), we developed the ‘dynamic excess’ incentive model, to encourage policyholders to invest in improving their cyber incident response readiness and resilience. We believe cyber resilience is a mindset which should be encouraged through incentives but not paid for through subsidies like premium discounts. Subsidies distort the market pricing structure but do not cultivate sustainable cyber security culture maturity. Cyber resilience reduces the frequency of cyber incidents and accelerates the recovery process. It is therefore expected to reduce the total claim amount.”
Market feedback has also been positive regarding the ‘dynamic excess’ incentive model:
Michael Joseph, Director of Austbrokers Cyber Pro (ACP), a specialist Cyber Insurance Broker said “We are pleasantly surprised by the simplicity and effectiveness of this policy endorsement. We have examined several different approaches to help our clients to improve their cyber resilience and we believe this is one of the more effective incentives within the market to date. Tina-Marie Innes of Keystart who is a client of ACP said “Our team is very aware of the importance to be ready for a cyber incident. This policy endorsement helps us to continue our focus on our cyber risk management framework. Thanks to ACP for drawing this to our attention”.
Jonathan McCoy, Director of Casobe & Co (C&C), specialist cyber security consultant said “Our team pro-actively educates our clients on cyber security issues and regularly reviews their cyber insurance cover to reflect their changing business environments. We are constantly on the lookout for innovative products. This policy endorsement is a concrete demonstration of our forward thinking and pro-active approach in serving our clients.” A client of C&C, said “Our board want to understand the value of our cyber insurance cover and our level of cyber resilience. This policy endorsement is an easy way to achieve these goals. It gives confidence to our board that our broker understood our business environment and will pro-actively work with us to ensure that we have appropriate cyber insurance cover, representing value for money.”
Content owner: Optus MQ Cybersecurity Hub Last updated: 13 Dec 2019 11:36am