Research shows that organisations with compromised user credentials (normally through data breach) are many times more likely to fall victim to a ransomware attack. And when you consider that the rate of ransomware attacks has more than doubled in the past year, it’s no wonder that the cost of cyber liability insurance - which is designed to support a business in the event of an attack or a breach - has risen exponentially in the last year.

Many insurance providers now expect to have visibility of a network’s data security and potential vulnerabilities before they are able to assess risk and make an accurate quote for coverage. And with the cost of coverage reaching tens of thousands of pounds per year depending on an organisation’s size and cyber risk exposure, financial services providers are under growing pressure to prove to insurers that they have the right authentication, controls, and oversight to stop the bad actors at the front door - or risk hefty premiums.

In addition, failure to arrange the right cyber liability coverage can leave FSIs either overcharged or dangerously exposed to the financial and reputational consequences of a successful cyber attack, meaning an ounce of prevention in this case is worth far more than a few pounds of cure.

During this podcast FStech was joined by Richard Archdeacon, advisory CISO at Duo, now part of Cisco, to delve further into these challenges. Specifically, Richard explores who should be responsible for cyber oversight, what insurers are looking for when it comes to weighing up the cost of a cyber-attack, and what financial institutions should have in place before they even begin talking to an insurer for cover.