The recent Apple, Cisco, and Aon announcement outlining a partnership to offer cyber insurance policy discounts for businesses isn’t necessarily a new concept, according to Bryant G. Tow, Managing Principal of CyberRisk Solutions, but, he says, it is very interesting and a “fantastic thing.”
As he noted, “Anytime you can incentivize a company to strengthen its cybersecurity or overall protection, it is an important thing,” Tow said.
Tow explained that he has worked with insurance companies since 1998 to develop methodologies for risk assessments. “Back then, we asked ‘How do we know someone is even insurable?’ and it was about losing databases or data that was critical to the business, not so much focused on hacking.”