Cyber insurance tapping Bulgarian market

The Bulgarian government and the IT industry must cooperate to create cyber-security infrastructure, said Bulgarian Cybersecurity Association President Miroslav Stefanov during an open discussion on Public-Private Partnership Opportunities in the Field of Cybersecurity.

“Business always goes a few steps,” Stefanov  said.

An example is the transformation of cybersecurity policies into one of the hot topics in the global insurance market. Pavel Dimitrov, CEO of Lev Ins, which has been developing such insurance for Bulgaria for about two years, explained exactly what it is.

The policy includes not only insurance coverage but also support and response in case of need of the IT team. To this end, the company also creates its own cyber academy.

The hacking attack against the NRA and the leakage of data from millions of Bulgarians was out of the blue and focused public attention on cyber threats and the need for adequate protection. For almost two years Lev Ins has been working on the creation of cybersecurity insurance, the company’s executive director Pavel Dimitrov told Darik.

Lev Ins also creates its own cyber academy, which will support all the insurance related to the digitalization of our lives.

The cybersecurity policy will have two sides – insurance coverage and IT support, explained Oren Elimelech, an Israeli expert on cybersecurity at the Israeli Ministry of Transport and Road Safety, as well as Bank of Jerusalem’s cyber and information security consultant, and more than 500 companies.

“Together with Lev Ins, both here and from Israel we will help clients, organizations, companies in Bulgaria. We will respond immediately by phone or remote connection. We will help them remove viruses, repair vulnerabilities, provide insurance coverage. Our goal is to help businesses respond faster to cyber threats through cyber insurance.”

Such policies already exist in Israel, Oren Elimelech added and set an example a partner company that insures small and medium-sized businesses as well as households.

“If there is a cyber incident, our customers are on the phone. We also monitor the office remotely. If there is a breakthrough or vulnerability, we see it and immediately notify them that there is a problem. ”

Three levels of coverage are being developed, Pavel Dimitrov specified.

Awareness, qualification and IT education are crucial if we are to prevent cyber incidents such as hacking and leakage of NRA data, said Oren Elimelech.

“You can achieve this by using the breakthrough already in place to introduce a mandatory minimum level of cyber incident training for government employees, various organizations, small businesses, and entrepreneurs.”

Education is the first thing we should start with, said the chairman of the Bulgarian Cybersecurity Association Miroslav Stefanov.

Cybersecurity education should also be provided for children, experts are adamant. According to Oren Elimelech, schools should have such training. He said the biggest risks in cyberspace right now are the risk of data leakage and the blocking of our IT systems through malware.

Source: Novinite.com