From Threats to Triumph: How New Insurance Players Tackle Cybersecurity Challenge
CXOToday has engaged in an exclusive interview with Sarthak Dubey, Founder of Mitigata: Smart Cyber Insurance
- Can you share the inspiration behind founding Mitigata and your vision for the company in the realm of cyber insurance?
Inspiration Behind Founding Mitigata and Vision for Cyber Insurance:
Mitigata’s inception was fueled by a resolute vision: to champion digital safety in India through innovative cyber insurance solutions. Our journey began with a profound recognition of the urgent need to shield businesses from the escalating cyber threats pervasive in today’s digital landscape. At Mitigata, we strive to be pioneers in cyber insurance, setting high standards for reliability, innovation, and excellence.Our mission extends beyond mere financial protection; we strive to empower businesses with proactive security measures, fortifying them against cyber risks comprehensively.
- How does Mitigata differentiate itself from other cyber insurance providers in the market?
Differentiation from Other Cyber Insurance Providers/Intermediaries:
Mitigata stands apart from its counterparts by offering holistic solutions that seamlessly integrate cybersecurity services with insurance. Unlike conventional providers, we provide a dual approach, offering both precaution and cure together. This unique blend ensures that businesses are not just equipped to recover from cyber incidents but are also fortified to prevent and mitigate them proactively. In a complex industry plagued by uncertainty and inadequate coverage, Mitigata shines as a symbol of clarity, dependability, and swift service.
By collaborating with premier insurance and reinsurance companies, we guarantee competitive pricing, expedited post-incident responses, and robust policy coverages.
- Considering the dynamic nature of the cyber landscape, what trends do you foresee in the cyber insurance industry?
Foreseen Trends in the Cyber Insurance Industry:
In the dynamic cyber landscape, we anticipate several trends shaping the future of the cyber insurance industry. These include tailored policies for specific industries, expansion of coverage to include emerging threats, and integration of cyber insurance with overall risk management strategies. Additionally, increased collaboration between insurers and cybersecurity firms, emphasis on incident response and recovery, and regulatory changes influencing policy structures are expected to drive industry evolution.
- Cyber threats are constantly evolving, how does the industry stay ahead of the curve in adapting its insurance offerings and strategies to address emerging cyber risks?
Staying Ahead of Evolving Cyber Threats:
To stay ahead of evolving cyber threats, the cyber insurance industry, including Mitigata, continually adapts its offerings and strategies. Leveraging data analytics for accurate risk assessment, expanding coverage to include emerging threats like deepfakes and AI-driven attacks, and integrating cyber insurance with overall risk management practices are some strategies employed. Furthermore, collaboration with cybersecurity experts and proactive risk mitigation strategies contribute to staying abreast of emerging threats.
- Your mission involves empowering customers with knowledge and prevention strategies. How does Mitigata achieve this goal?
Empowering Customers with Knowledge and Prevention Strategies:
Mitigata’s mission to empower customers extends beyond mere financial protection. Through cybersecurity awareness workshops, online training modules, and informative content dissemination, we equip businesses and individuals with the knowledge and tools to prevent cyber threats effectively. Our recent addition of phishing simulation and cybersecurity awareness training to our security console exemplifies our proactive approach to cybersecurity education and prevention.
- Cyber threats can be daunting, especially for individuals and SMEs. How does the cyber insurance industry/ company provide expert support to its customers, ensuring a swift and efficient response in the event of a cyber incident?
Expert Support for Swift Incident Response:
Mitigata and the cyber insurance industry provide expert support to customers for swift and efficient incident response. Our offerings include access to cybersecurity experts, crisis management teams, digital forensics & audit vendors, and ransomware negotiators. With comprehensive incident response plans and vendor costs covered under our cyber insurance policies, we ensure a seamless mitigation of cyber attacks and financial losses.
- Where do you see the cyber insurance industry heading in the next few years?
Are there any upcoming trends or developments that you believe will shape the future of cyber insurance?
Future Outlook for the Cyber Insurance Industry:
The cyber insurance industry is poised for significant growth and innovation in the coming years. Increased demand, driven by rising cyber threats and regulatory changes, will fuel industry evolution. Trends such as tailored policies, expansion of coverage to include emerging threats, and integration with overall risk management will shape the future. Mitigata aims to lead this evolution by offering innovative solutions that meet the evolving needs of businesses globally.
- What advice would you give to individuals and businesses for proactively preventing cyber threats?
Advice for Proactively Preventing Cyber Threats:
To proactively prevent cyber threats, individuals and businesses should prioritise cybersecurity best practices. Regular software updates, employee training, multi-factor authentication, data backups, vulnerability assessments, and incident response planning are essential. These practices, often overlooked, significantly enhance cybersecurity and mitigate the risk of cyber incidents.
- Mitigata aims to make the digital world safer. Can you share the initiatives or programs Mitigata has in place to educate customers about digital safety?
Initiatives to Educate Customers about Digital Safety:
Mitigata’s initiatives to educate customers about digital safety encompass cybersecurity awareness workshops, online training modules, and sharing informative content across various platforms. By empowering individuals and businesses with knowledge and resources, we strive to create a safer digital environment for all.
- Can you share any notable success stories or instances where Mitigata’s cyber insurance solutions played a crucial role in mitigating cyber risks for your clients?
Notable Success Stories with Mitigata’s Cyber Insurance Solutions:
Mitigata has played a crucial role in mitigating cyber risks for numerous clients across the financial services, B2B, Consumer-tech, healthcare and government sectors with the size of clients ranging from a pre-revenue company to a larger enterprise. We were able to close the Cyber liability policy for a fintech client in just 4 days at the lowest premium, fulfilling their need for a policy that they had been searching for unsuccessfully for 2 months.Notable success stories include facilitating the issuance of a Cyber liability policy for a fintech client in just 4 days at the lowest premium, fulfilling their long-standing need. Additionally, we successfully reduced a client’s cyber policy premium by 40% while maintaining the same terms and coverages. These success stories underscore Mitigata’s commitment to delivering tailored cyber insurance solutions that meet the unique needs of our clients while providing significant cost savings and risk mitigation.
