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2 min read

The Role of Cyber Insurance Carriers in Incident Response

Mar 23, 2023 10:07:45 AM

GroupSense CEO Kurtis Minder was featured in TechTarget's article, "Cyber insurance carriers' expanding role in incident response." The article discusses the growing importance of cyber insurance carriers and notes that cyber insurance carriers are increasingly playing a more active role in helping their clients respond to cyber incidents. This includes providing access to incident response (IR) experts, as well as offering risk management advice and tools to help prevent future incidents.

The article highlights several factors driving the expansion of cyber insurance carriers' role in IR, including the increasing frequency and severity of cyber attacks, as well as the rising costs associated with responding to these attacks. The article also notes that cyber insurance carriers are recognizing the importance of IR in managing cyber risks, and are investing in building out their IR capabilities.

Kurtis argues that insurers play a big role in the outcomes of ransom payments during incidents, citing cases where he felt he could negotiate the threat actor down when the insurance carrier tells him to stop at a higher amount.

Minder's main issue with the involvement of insurance carriers in IR is the selection of panels, which are lists of endorsed vendors that clients can choose from. He deemed these panels as random and encompassing forensic teams, privacy law firms, and IR providers. Minder raised doubts about whether the panel participants were chosen for their effectiveness or simply for their lower rates. Drawing on his experience in various IR cases with different insurance companies, Minder concluded that there seem to be no clear criteria for selecting vendors for the panel.

Overall, the article provides a comprehensive overview of the evolving role of cyber insurance carriers in IR, and highlights the growing importance of IR in managing cyber risks. Read the full article here.

About Kurtis Minder

061422-KurtisMinder09Kurtis Minder is the CEO and co-founder of GroupSense, a leading provider of digital risk solutions. Kurtis built a robust cyber reconnaissance operation protecting some of the largest enterprises and government organizations.

Kurtis has been the lead negotiator at GroupSense for ransomware response cases. He has successfully navigated and negotiated some of the largest ransomware, breach, and data extortion cases worldwide.

With over 20 years in the information security industry, Kurtis brings a unique blend of technical, sales, and executive acumen.

Written by Editorial Team