Consortium of Leading Cyber Technology and Insurance Providers Announce the Launch of SafeHouseInitiative.org
January 17, 2023
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This is a companion blog to the “The SafeHouse” podcast dated February 4, 2025.
In this episode of The Safe House, Jeff Edwards, co-chair of the Safe House Initiative, welcomes Mark Greisiger, CEO of NetDiligence. Mark has been a pivotal figure in the cyber insurance landscape, offering insights that reflect the evolution of this critical industry. Here’s a deep dive into their conversation, exploring the journey of cyber insurance and its impact on businesses today. Listen to the original podcast here: https://safehouseinitiative.org/the-ever-expanding-cyber-insurance-ecosystem/
Mark shares his story, tracing his roots back to the late 90s when the concept of cyber insurance was just emerging. “I was part of the team with a company then called Cigna Property and Casualty Insurance,” he recalls. “We started to build some of the first coverage for these kinds of risks.” This was a time when the term “cyber security” was hardly in use, and the focus was primarily on environmental polution claims.
As businesses began to embrace technology, the need for protection against cyber threats became apparent. Mark’s team recognized this early on and began to develop policies aimed at protecting businesses from hacker risks. “We started reading about the internet and companies like Yahoo facing virus attacks. That was a turning point,” he notes.
The Evolution of Cyber Insurance
Over the years, Mark has witnessed the cyber insurance landscape transform dramatically. “The threats evolved immensely each year,” he states. From early virus attacks to the rise of ransomware, the industry has had to adapt to an ever-changing threat landscape. “Cyber risk is a little broader,” he explains, highlighting the four quadrants that define it: cyber security threats, privacy liability, cyber insurance, and legal liability.
Mark emphasizes the importance of understanding these dimensions when underwriting cyber risk. “You can’t just jump into it and insure any business for hacker risk. You have to understand their safeguards and controls,” he advises.
Mark discusses the significance of relationships within the cyber insurance space. “The cyber insurance world is very much about relationships. If you want to get things done, you need to collaborate,” he asserts. His approach has always been to understand the needs of underwriters and to focus on key pressure points that can mitigate risk.
As the landscape has matured, new players have entered the market, and technology has become increasingly integrated into insurance policies. “InsureTech is a huge trend,” Mark points out, as traditional insurance companies seek to streamline their underwriting processes.
Mark also addresses the growing emphasis on resiliency in the face of cyber threats. “Resiliency is a huge issue for policyholders,” he states. The need to gauge a company’s resiliency posture is vital for both underwriters and clients. “We surround ourselves with different experts to better understand these issues,” he explains, referring to initiatives like the Ransomware Advisory Board.
With ransomware being the leading cause of losses in the cyber insurance community, Mark underscores the importance of having a solid recovery strategy. “The focus is becoming increasingly on the recovery aspect,” he shares, highlighting the evolving nature of claims and the necessity for businesses to prepare for potential incidents.
As their conversation wraps up, Mark leaves listeners with some actionable advice. “Start a conversation with your IT team. Understand your security posture and the safeguards your vendors have in place,” he suggests. He also emphasizes the importance of having an incident response plan, ensuring that business owners know who to contact in case of a cyber incident.“ Anticipate that something will happen to you. Know who you’re going to call at two in the morning,” Mark advises.
Mark Greisiger’s insights provide a comprehensive look at the evolving cyber insurance landscape and the essential steps businesses can take to protect themselves. The dialogue between Jeff and Mark underscores the importance of collaboration, understanding the complexities of cyber risk, and the ongoing journey towards improved resiliency.
For more information about the Safe House Initiative, feel free to reach out via email at [email protected] or visit our website at safehouseinitiative.org.
