SUPPORTING CYBER INSURANCE COVER
Softsource vBridge and Cloudian’s partnership expansion comes as organisations in New Zealand and around the world find it increasingly difficult to obtain cyber insurance. One report[1] highlighted insurance premiums have risen by over 28 per cent, with underwriters attempting to mitigate cyber claim losses with much stricter underwriting requirements.
Data immutability has become a key factor in Softsource vBridge customers’ ability to secure the cyber insurance they need. Further, a number of Cloudian customers report receiving a discount of up to 15 per cent on cyber insurance because of ‘robust data protection’.
“Cyber insurance is often the ambulance at the bottom of the cliff – if you need to activate it, you’ve already lost in a sense. But it’s something New Zealand organisations require. By partnering with Cloudian, we can help organisations get insurance, and we help them avoid needing to use it,” said Ward.
Speaking about the partnership, Cloudian Asia Pacific & Japan Senior Director James Wright said this kind of technology can solve a considerable risk gap many organisations aren’t aware they have until it’s too late.
“There’s a wider risk here when organisations believe there is a level of separation between the data they use and its backup copy. In reality, backup copies are vulnerable, something they only realise when they’re attacked and both datasets are compromised,” he said.
“We’ve designed this system to provide the level of assurance that New Zealand organisations need. The backups are untouchable and are even protected from rogue actors within the organisation. The backup copies can be the lifeline organisations need when their perimeter defences are taken down, and really that is a ‘when, not if’ consideration.”
[1] https://www.cnbc.com/2022/10/11/companies-are-finding-it-harder-to-get-cyber-insurance-.html