Emergence Insurance debuts cybersecurity advisory services

Emergence Insurance debuts cybersecurity advisory services | Insurance Business Australia

Cyber

Emergence Insurance debuts cybersecurity advisory services

New venture aims to enhance brokers’ role in protecting clients

Cyber

By
Roxanne Libatique

Cyber insurance specialist Emergence Insurance (Emergence) has introduced cyberSuite, a new venture providing cybersecurity advisory services aimed at enhancing the role of brokers in safeguarding their clients against digital threats.

The development was revealed during a webinar that saw participation from 2,400 industry brokers, according to Emergence’s CEO and founder, Troy Filipcevic.

At present, the cybersecurity incident team at Emergence is addressing 15 incidents, a figure significantly below their usual monthly average, which often reaches twice that number. This statistic was shared to highlight the critical need for strengthened cyber defence strategies.

What is cyberSuite?

Designed as an affiliate to Emergence, cyberSuite is set up to offer a holistic approach for businesses seeking cybersecurity advisory services. It aims to assist companies in understanding cyber risks better and implementing strategies to mitigate them, enhancing their readiness for insurance coverage.

The creation of cyberSuite was driven by significant interest from brokers, whose clients were actively seeking reliable cybersecurity services, such as online training and vulnerability assessments.

“It gives brokers the tools to become cyber risk advisers through a range of services that are available, regardless of whether their clients are insured,” Filipcevic said.

Clients of Emergence who hold the latest Cyber Event Protection policy (CEP-005) will benefit from four complimentary services from cyberSuite, including consultation with a cybersecurity expert, a tailored incident response plan, alerts on real-time cyber threats, and dark web surveillance.

Importance of addressing cyber threats

During the webinar, cyberSuite cyber advisory head Cris White emphasised the urgency of addressing cyber threats by reporting that cyber incidents occur nearly every six minutes.

“Threats come from organised crime with a focus on making money; nation states that want to steal intellectual property and disrupt business and governments; hacktivists with political or social agendas; script kids, who hack for fun or fame but can inflict significant pain; and insiders with an axe to grind or a desire to sell stolen information,” he said.

White said cyberSuite’s offerings are designed to prepare organisations against cyber threats through comprehensive assessments that examine governance, information security, and data protection.

Additionally, the training programs are intended to foster cyber resilience to ensure organisations are well-prepared and their employees are aware of potential risks. cyberSuite also provides simulation-based exercises tailored to both small and large organisations.