The following is an excerpt from Bruce Rogers | February 11, 2016 | Forbes.com |
A Series of Forbes Insights Profiles of Thought Leaders Changing the Business Landscape: Mike Baukes and Alan Sharp-Paul, Co-Founders and Co-CEOs, UpGuard.
The insurance industry assesses the corporate world’s cybersecurity risk like motorcyclists. As the saying goes, there are two kinds of motorcyclists: those who have fallen off their bikes and those who will. Everyone is equally at risk and therefore everyone pays the price for higher insurance premiums.
Not a day seems to go by without news of high profile security breaches. It’s no surprise, then, that the cybersecurity insurance market is expected to rise to $7.5 billion by 2020 accoording to PwC. Even worse, the industry does not have effective actuarial models for corporate cybersecurity, say Mike Baukes and Alan Sharp-Paul, the two co-founders and co-CEOs of UpGuard. The two audacious Australians have developed what they say is a better way to assess the risk for cybersecurity breaches.
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