In this Brand Story episode, Sean Martin brings together the team from HITRUST, Robert Booker and Blake Sutherland, to discuss the topic of cyber insurance and its current state in the industry. Both guests bring a wealth of experience and insight, with Robert Booker overseeing strategy, research, and innovation at HITRUST, and Blake Sutherland serving as the EVP of Market Engagement.
A significant portion of the discussion centers around the role of cyber insurance in today's business environment. Cyber insurance is not just a safety net but a critical aspect of a complete risk management strategy. As Robert Booker points out, it’s an essential service, historically used to cover residual risk after companies have applied their own security measures. However, the market has changed considerably, with new capabilities and approaches evolving over the past several years, making it a dynamic area.
Blake Sutherland further elaborates on the issues that organizations face in acquiring cyber insurance today. The process is often cumbersome, involving extensive questionnaires and varied requirements from different underwriters. This can be particularly challenging for mid-market companies that may lack the internal resources to manage these complexities.
The episode highlights that HITRUST is addressing these challenges with their R2 certification, which provides an objective, quantifiable measure of an organization’s cybersecurity posture. This certification helps companies not only in fortifying their own security but also in streamlining the insurance acquisition process by offering a standardized measure that underwriters can rely on. According to Robert Booker, this quantified approach can make a significant difference, offering confidence to both the insured and the insurer.
Another important aspect discussed is the role of brokerage in this process. Brokers traditionally guide companies through the insurance process, and an R2 certification from HITRUST can greatly assist them in securing better terms and conditions, as it is recognized as a testament to a company's robust security posture. This can also translate into potentially lower premiums and more reliable coverage, addressing one of the largest pain points in securing cyber insurance.
The HITRUST Shared Risk Facility is made available exclusively through licensed brokers and can be accessed by any company holding an R2 certification, with plans to extend to I1 and E1 levels in the future. This facility aims to simplify the process, reduce the administrative burden on companies, and provide greater reliability in the insurance coverage.
The episode wraps up with an invitation for organizations, brokers, and underwriters to engage with HITRUST to explore these innovative solutions. It’s a call to improve the overall confidence in the insurance landscape through verified, independent measures of cybersecurity maturity, ultimately benefiting all parties involved in the cyber insurance ecosystem.
Explore how HITRUST’s R2 certification can enhance your organization's cybersecurity posture and streamline your cyber insurance process.
Learn more about HITRUST: https://itspm.ag/itsphitweb
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Guests:
Blake Sutherland, EVP Market Adoption, HITRUST [@HITRUST]
On LinkedIn | https://www.linkedin.com/in/blake-sutherland-38854a/
Robert Booker, Chief Strategy Officer, HITRUST [@HITRUST]
On LinkedIn | https://www.linkedin.com/in/robertbooker/
