The cyber threat is going all-time high especially with the big-ticket losses like Equifax. Unfortunate but true that malware like wanna cry and ransomware has been succinctly active causing damages worth billions all over the world. Interestingly, some of the most advanced countries in the world such as the US, France, and the UK were the worst hit. It is worth mentioning here that according to an estimate, US companies are below par with the European Union’s GDPR (General Data Protection Regulation).
All those put together indicates that you must revisit your existing security system in the first place and at the same time, reach out to the cybersecurity experts like LegacyArmour with a view to scaling new heights in business and at the same time, sailing through the upheavals of the cyber world. In other words, what you do and how you do both will be equally important for you to succeed irrespective of where you are in your business at the moment. Your origin country will no more be a stamp of your success here.
However, the growing number of cybersecurity lapses and the damages therein urge for the comprehensive insurance cybersecurity services. Such an insurance will doubly ensure your security in the face of the increased cyber attacks worldwide. How? Well, to begin here with the right mindset, you should know that the words ‘Insurtech’ is essentially a portmanteau of two words insurance and technology. Therefore, cybersecurity Insurtech has a long way to go befitting the interests of the businesses all over the world irrespective of their scale and market.
The USP (Unique Selling Proposition) of an Insurtech is that it offers a savings and that’s why many insurance companies eye this as a competitor to their business. But, hiring the services of a cybersecurity company like LeagcyArmour that has cybersecurity Insutech in its portfolio will always give your business a distinct advantage for sure. At present, it is the most sought-after cover today. However, it will also remain the same in the days ahead in the face of more and more cybersecurity breaches and unpreparedness of the businesses across the verticals.
In short, Insurtech is a kind of disruption in the insurance sector that would immensely benefit the businesses throughout the world. This is evident from the fact that more and more angel investors and venture capitalists are making a beeline to invest in this sector vis-a-vis an unprecedented growth in this sector. According to an estimate, the Insurtech sector received the global investment of $1.7 billion in the year 2016. The US startups were the biggest beneficiaries here with a market share of 59% of the global investment.
The investment in Insurtech will continue as hackers around the world are becoming smarter and aggressive than ever before through collaborations. It further construes that it’s the time to move on. Having said that, we mean, you need to assess your business’ existing cybersecurity in the first place while making plans to make it future ready. The onus to mention that LegacyArmour is the recipient of the prestigious Top 10 InsurTech Award 2017.