LION Specialty’s Post

The Cyber Conundrum Deepens: Is Your Financial Institution Prepared? The world of cyber risk is changing faster than ever. New threats are emerging constantly, regulations are tightening, and insurance premiums are rising. Here's what we're seeing: • 43% of cyber professionals say they're operating with inadequate cybersecurity budgets. (Coalition) • The global cyber insurance market is expected to hit nearly \$30 billion by 2027. (Morningstar DBRS) • The cost of recovering from cyberattacks is outpacing insurance coverage. (Sophos) • The SEC is cracking down on cybersecurity governance, slapping companies with hefty fines for mishandling incidents. This is a wake-up call for financial institutions! You need to be proactive and prepared to protect yourselves from the growing threat of cyberattacks. Here's what you can do: 1. Beef up your defenses. Make sure you have robust incident response plans and a solid governance framework in place. 2. Expect higher insurance premiums. Be prepared to negotiate and carefully review your policy for any gaps or limitations. 3. Practice makes perfect. Conduct regular tabletop exercises to test your incident response capabilities and get everyone on the same page. 4. Review and revise. Don't let your cyber policies gather dust! Regularly review and update them to address evolving threats and regulatory changes. Need help navigating the complex world of cyber risk? Like this post and comment "Cyber Help" to schedule a call with us. At Lion Specialty, we help financial institutions like yours stay ahead of the curve with expert cyber risk management and insurance solutions. Don't wait until it's too late. Let's talk. #staycovered Natasha I. Kiemnec, ARM Mark Flippen

To view or add a comment, sign in

Explore topics