How Risk Management and Human Behavior Shape Security Strategies: The Untold Impact of Cyber Insurance on Businesses | Human-Centered Cybersecurity Series with Co-Host Julie Haney | Redefining CyberSecurity Podcast with Sean Martin

Guests: 

Julie Haney, Computer scientist and Human-Centered Cybersecurity Program Lead at National Institute of Standards and Technology [@NISTcyber]

On Linkedin | https://www.linkedin.com/in/julie-haney-037449119/

On Twitter | https://x.com/jmhaney8?s=21&t=f6qJjVoRYdIJhkm3pOngHQ

Jason Nurse, Reader in Cyber Security and Director of Science & Research, University of Kent [@UniKent] and CybSafe [@CybSafe]

On Linkedin | https://www.linkedin.com/in/jasonrcnurse

On Twitter | https://twitter.com/jasonnurse

On Mastodon | https://infosec.exchange/@jasonnurse

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Host: Sean Martin, Co-Founder at ITSPmagazine [@ITSPmagazine] and Host of Redefining CyberSecurity Podcast [@RedefiningCyber]

On ITSPmagazine | https://www.itspmagazine.com/itspmagazine-podcast-radio-hosts/sean-martin

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This Episode’s Sponsors

Imperva | https://itspm.ag/imperva277117988

Devo | https://itspm.ag/itspdvweb

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Episode Notes

In this episode of the new (first!) episode of the Human-Centered Research Series on the Redefining CyberSecurity Podcast, host Sean Martin and co-host Julie Haney from the Human Centered Cybersecurity program at NIST, chat with Dr. Jason Nurse, a reader in cybersecurity at the University of Kent in the UK. The discussion revolves around the role of cyber insurance in organizational risk management.

Jason elucidates cyber insurance’s function as a residual risk mitigation tool when dealing with cyber attacks, helping businesses recover and connect with response teams. They discuss how cyber insurance can incentivize better security practices but highlight challenges related to assessing security postures across diverse businesses. While ransomware features heavily in discussions of cyber risks, Jason points out that insurers don't always encourage ransom payments. Julie raises the issue of accessibility of cyber insurance for small businesses and suggests insurers offer 'pre-breach services'.

Sean, Julie, and Jason debate the role of human behavior in cyber risk, and how it affects organizations and insurance policies. They underscore the value of research in enhancing security practices and conclude by pondering ways to bridge the gap between academic research and practical implementation in cybersecurity.

Key Questions Addressed:

• What is the role and impact of cyber insurance in organizational risk management?
• How does cyber insurance interact with a business's cybersecurity practices, and how could it incentivize better measures?
• How does human behavior factor into cyber risks and insurance policies, especially in the context of ransomware and small-medium enterprises?

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Resources

Between a rock and a hard(ening) place: Cyber insurance in the ransomware era: https://www.sciencedirect.com/science/article/pii/S016740482300072X

Cyber Insurance and the Cyber Security Challenge: https://kar.kent.ac.uk/89041/1/RUSI-Kent-OP-Cyber-insurance.pdf

Mapping the coverage of security controls in cyber insurance proposal forms: https://jisajournal.springeropen.com/articles/10.1186/s13174-017-0059-y

Impact 2024: https://www.theimpactconference.com/impact-usa/

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