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October 20, 2021
In this YEO At Work series, YEO explores ways in which the YEO Cyber Solution provides the insurance industry with resolutions to the cost, impact & incident responses of cyberattacks by a minimum of 20%.
First, let’s start with what is “Cybercrime” and what is the state of the current market. According to The Action Fraud Police, Cybercrime is any criminal act dealing with computers and networks. Additionally, cybercrime also includes traditional crimes conducted through the Internet. These can include Fraud, Phishing, Scams, Ransom, Ransomware attacks, Hacking etc.
Cybercrime has increased by 400% since the start of the pandemic (FBI.gov). With an average cost of $4.24 million (USD) per incident – 38% of that cost is the disruption or loss of business. On average, it takes a staggering 279 days to identify and contain an incident. (IBM Report 2021: Cost of a data breach).
Cyber attacks are financially devastating, disrupting and upsetting to people and businesses. A cyber attack will typically occur on a Friday evening, as this is a time when employees have either left or are leaving the office for the weekend. Come Monday, all employees have lost their jobs due to business being crushed under the weight of the attack. Attacking small businesses and large global corporations alike, creates a ripple effect that diminishes more than just work-flow, but countless livelihoods of people and their families.
One of the main issues that businesses face, is the time it takes to react to a cyber event due to poor preparation and communication. Remote work has become the new ‘norm’, however, this type of work has caused the average breach cost to rise by $1.07 million, according to IBM Cost of a Data Breach Report 2021. Moreover, compromised credentials have had a massive impact on cyber breaches – the biggest, in fact. With 20% of breaches being caused by this type of attack. Taking these facts and more into account, YEO Messaging is building a solution that will provide a smart, permanent communication channel between clients, brokers, vendors and the insurer allowing for a leap in time reduction and process efficiency, which dramatically reduces the time and cost for resolving cyber incidents.
By using the YEO Cyber Solution, businesses will be given access to a messaging platform that uses continuous facial recognition to authenticate its users, reducing the time it takes to report an incident from an average of 72 hours to just one hour, all whilst providing a smart permanent encrypted communication channel. Businesses can rest assured that YEO meets the complex legal, compliance and regulation standards when it comes to data retention, as well as offering an operational resiliency solution by storing critical documents in the secure YEO Vault, ensuring businesses can continue to communicate to their customers even if they are unable to access their work devices.
“I have been working with YEO as a mentor since meeting them at CyLon in 2019 and now at Lloyds Lab Cohort 7. As an insurer in the space, we work across hundreds of cyber incidents and we believe YEO’s technology is perfect for ensuring business continuity, should the worst happen. I am very impressed with their private messaging platform and can’t wait for them to introduce the YEO cyber solution. It is clearly going to be a game-changer for the insurance industry – particularly for claims.”
Akash Bharadia, Cyber Insurance Technology Specialist
The key benefits to implementing the YEO Cyber Solution includes reducing the multi-day incident response rate to just one hour, creating a real-time designated team that handles cyber incidents (connecting policyholders, brokers, MGA’s, carriers and vendors), enables businesses to carry on with “business as usual” while incidents are being contained, creates new KPI’s, MI and real-time monitoring of events and reduces the cost of a cyber event by an estimated minimum of 20%.
With the way cybercrime is evolving each day, we have learned that insurance carriers have to be two steps ahead of the game. YEO is here to assist in keeping insurers and their clients safe from catastrophic breaches.
Watch the video to find out more about the YEO Cyber Solution:
And get in touch!