As VP of Engineering at Elpha Secure, Ratnesh Pandey drives cyber strategies & security portfolios that protect SMEs against cyber threats.

This article builds upon my previous one, where I discussed the three top challenges in the cyber insurance industry. Here, I share insights about solving these challenges through the use of adaptive frameworks for building better cyber resilience.

The cyber insurance industry should prioritize the adoption of structured cybersecurity frameworks to assess risk profiles and enable organizations to follow adequate security measures and cyber resilience. The frameworks should emphasize a combination of controls that not only reduce threat exposures and improve resilience but also provide insurers with a standardized methodology for evaluating policyholders. This framework can then be used in defining and managing "cyber catastrophic risk" based on 360-degree visibility around an organization’s risk profile.

The key criterion for a successful adoption framework is being flexible enough for different organizations' needs and risk profiles to counter evolving threats. Recommendations from the Cybersecurity and Infrastructure Security Agency (CISA) and the National Institute of Standards and Technology (NIST) highlight the importance of proactive and layered security strategies tailored to an organization’s unique risk profile.