There have been some stark warnings from the National Cyber Security Centre, part of UK GCHQ this week with regards to the effects on UK businesses of a potential cyber-attack related to any imminent invasion of the Ukraine by Russia.
War will hopefully be avoided, but the threat provides businesses with a moment of clarity and advance warning about the levels of security they have around their data, and the insurance policies they do (or don’t!) have in place. Even with a comprehensive cyber insurance policy, an act of war is Force Majeure any invasion may potentially null and void any meaningful insurance claim, laying organisations bare to the cost of cyber-attack.
Back in 2001, Eviid’s CEO, John Ridd was at the helm of a technology company that conceived and secured the first ever cyber insurance policy – for £1.5 billion. It was a global first and made the news at the time, recognising how fundamental technology infrastructure would become critical to business operations. The work saw him work alongside US cyber security consultant and later, cyber-security coordinator for the Obama administration, Howard Schmidt and Baroness Pauline Neville Jones, who was chairperson of the Insurance Assurance Advisory Council (IAAC) at that time.
Today, it is estimated the global cyber insurance market according to Statista will grow to almost $28 billion in 2026. Today, the market is just $10 billion. It sounds a lot, but in the face of a world event that might spark a tsunami of cyber-attacks, it’s actually very little for all business affected across the world to claim against. To be clear, $10 billion is the maximum amount the insurance industry would pay out on cyber-attacks. Full stop.
Ultimately, the foundations John laid back in 2001 has instilled the need to be ready, especially for critical infrastructure; financial institutions, utilities, energy, transportation, government, healthcare, and their supply chains The vast majority of cost from cyber-attack is derived from business interruption, the lack of resources internally and externally to deal with such disruption that can take months to recover, along with the reputational damage to customers. Add the current economic situation and a global lack of resources and it’s easy to see how cyber-attacks don’t simply affect the IT department – access to the people to aid the management out of such an event is difficult to come by and eye-wateringly expensive.
As a result, the vision and delivery of Eviid’s evidential media management platform has been built to withstand ransomware attacks. It has developed a ransomware-proof platform of its own.
What does this mean for its customers? Eviid’s media platform delivers a framework. That framework delivers a chain of custody – an entire audit process that ingests media (videos and photos taken from a plethora of devices), stores it, manages it so that the back-up isn’t polluted and puts a ransomware proof wall around it. This allows the media management environment to deliver cyber secure benefits, being instantly protected and self-healing. It provides a complete audit process for any enterprise workflow and is end-to-end secure.
In any situation, attack is often the best form of defence, and with current world events threatening business security, it’s important that organisations have a plan of attack and a full proof cyber-security policy to follow should the worst-case scenario play out.
For more information: Contact Steve.heywood@eviid.com 0333 800 3888 first-everpayoutcyber-secure