Resilience Cyber Insurance Solutions is calling for a “Cyber Hippocratic Oath” for the cyber risk industry as the threat of ransomware and other risks grows.
Cybersecurity Ventures predicts that a ransomware attack will occur every 11 seconds through 2021, with global damages reaching up to $6 trillion. With that in mind, Resilience is taking a more proactive approach to cyber risk management, with its “Insure and Secure” model, Cyber Primary Care, providing support and partnership for middle-market firms to go beyond preparedness and actively protect themselves against cyber risk.
Resilience said that the explosion of ransomware and other related attacks is the cyber equivalent of a global health crisis.
“Doctors have been guided by the principles in the Hippocratic Oath for centuries – prevention is preferable to cure, knowledge-sharing benefits all, and collaboration is necessary for recovery,” said Vishaal “V8” Hariprasad, CEO of Resilience. “If the cyber risk industry adapted our own version of this oath, we would advance cyber risk management and cyber wellness enormously. It’s a higher calling, looking beyond security and insurance – to make companies a better risk, to improve their business health.”
Resilience recommended the following as a Hippocratic Oath for the cyber risk management industry:
I will respect the hard-won scientific gains of those cyber professionals in whose steps I walk, and I will gladly share such knowledge as is mine with those who are to follow.
I will apply, for the benefit of the afflicted, all cyber risk management measures that are required, avoiding the twin traps of overtreatment and therapeutic nihilism.
I will not be ashamed to say, “I know not,” nor will I fail to call in my colleagues if the skills of another are needed for a patient’s recovery.
I will prevent cyber risk whenever I can, for prevention is preferable to cure.
May I always act so as to preserve the finest traditions of my calling, and may I long experience the joy of healing those who seek my help.
“Building on these principles, Cyber Primary Care goes beyond patches, firewalls and policies and improves day-to-day cyber wellness and enhances organizations’ resilience to cyber risk,” Hariprasad said.
Resilience’s Cyber Primary Care program “offers a patient-focused rather than symptom-focused approach” to improve an organization’s cyber health, the company said. Cyber Primary Care is a security services plan with a dedicated cyber health manager to help companies turn recommendations into actions, the company said.
Cyber Primary Care includes five elements:
- Build a cyber health strategy
- Implement the ransomware readiness framework
- Access a customized risk insights dashboard
- Continuous controls monitoring
- Activate a partner network
“Just as societies are not improved when some people have access to healthcare and others do not, the world should not be divided into security haves and have-nots,” Hariprasad said. “Improving cyber wellness through cybersecurity and risk mitigation will have long-term benefits for organizations that practice it – and it’s far too important, particularly for middle-market organizations, that we take a new approach.”
Published by: Insurance Business America