Cyber Insurance Meets Cybersecurity: Insights from Sarthak Dubey of Mitigata
A Smart Approach to Cyber Insurance
Mitigata has identified a key issue in cybersecurity. Many insurance companies often hesitate to provide coverage for cyber incidents due to a lack of understanding about cybersecurity risks. By integrating cybersecurity practices directly with insurance, Mitigata helps businesses protect their assets while securing better insurance policies. As Sarthak explained, traditional insurance companies struggle to assess cyber risks, which results in high premiums and limited coverage options.
To solve this, Mitigata uses a combination of data-driven risk assessments, cybersecurity protocols, and compliance measures to help companies lower their risk profiles. As a result, businesses can secure cyber insurance with more favorable terms.
Why Cybersecurity and Insurance Should Be Combined
Cyber insurance is essential not only for protecting businesses from financial losses after an attack but also for preventing those losses in the first place. Sarthak emphasized that simply having an insurance policy isn’t enough if businesses don’t follow strong cybersecurity practices. This is where Mitigata’s solution comes in, integrating the two and ensuring that businesses have the right protections in place to lower the risk of cyberattacks.
Moreover, this approach benefits both businesses and insurance companies. Mitigata provides better risk data and implements cybersecurity measures, giving insurers a clearer view of the risks involved. Consequently, businesses receive lower premiums and more comprehensive coverage.
Challenges in the Indian Market
Mitigata’s journey into cyber insurance started when they faced challenges in India’s market. As Sarthak explained, the process of obtaining a cyber insurance policy was difficult. Long waiting periods, complicated forms, and unclear coverage details were common. Despite having strong security measures, their requests for quotes often went unanswered for months.
Therefore, Mitigata decided to address this gap by building a platform that brings clarity to both businesses and insurers. By offering clear risk assessments and compliance support, they help insurers better understand the risks and provide coverage that aligns with the business’s needs.
What Sets Mitigata Apart
One of Mitigata’s core innovations is its risk console. This tool is designed to assess a business’s cyber risk in several areas, including workforce, third-party interactions, and compliance. The risk console helps businesses identify potential vulnerabilities and provides actionable steps to mitigate them. For example, even factors like workforce risk and third-party applications can introduce significant vulnerabilities that businesses might overlook.
By leveraging this data, Mitigata helps insurers create tailored policies that better match the business’s specific risk profile. This approach results in greater transparency for both businesses and insurers.
The Future of Cyber Insurance in India
The Indian market for cyber insurance is still developing. However, with increasing regulations like the Digital Personal Data Protection (DPDP) Act, the need for better cybersecurity measures is becoming more urgent. Mitigata is well-positioned to address this need by offering a solution that not only helps businesses meet compliance requirements but also reduces their overall cyber risk.
Looking ahead, Mitigata plans to continue enhancing its platform by integrating more data points and refining its risk assessment tools. As Sarthak mentioned during the podcast, the goal is to make it easier for businesses to obtain cyber insurance while also making the product more profitable for insurers.
In conclusion, Mitigata is revolutionizing cyber insurance by merging it with cybersecurity practices. For businesses, this means better protection, more transparency, and lower premiums. For insurers, it provides a clearer understanding of risks, leading to more effective policies.
As the need for robust cybersecurity continues to grow, Mitigata’s approach offers a smart, integrated solution to manage cyber risks. Businesses looking to secure their assets and improve their risk profiles should certainly explore Mitigata’s innovative offerings over at https://mitigata.com/
