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Industry offered framework to get cyber insurance costs down

Industry offered framework to get cyber insurance costs down

IT Europa met key spokespeople at last week’s ISACA conference in Rome to measure the state-of-play in digital trust, with help promised for vendors and channel partners selling security technologies.

ISACA is the leading global technology governance and compliance membership organisation, with 162,000 experts signed up to it.

One of the key planks for its industry strategy going forward is its Digital Trust Framework, that will provide not only its members a key reference for their security and compliance work, but also a framework for the entire security provisioning, deployment and consulting sectors.

Rolf von Roessing, a key ISACA developer on that framework’s working group, told IT Europa: “We have three types of member across information technology, audit & insurance and information risk, and the Digital Trust Framework will be brought to life for them all as an imperative for their organisations’ digital transformation.”

He said: “It will provide tools for our members’ work and any organisations working to it could potentially see their cyber insurance costs better controlled.”

Roessing acknowledged that spiralling cyber insurance costs were a problem across industries in response to wider and more serious cyber security threats.

He said that if companies properly assessed their systems against the advice and recommendations made in the forthcoming framework, they would be better protected against “moral hazard”, for instance, and could instead be offered “fairer” insurance premiums.

The Digital Trust Framework is currently in draft, but it is expected to be publicly available by the end of this year.

More on the ISACA conference to follow.