Given the prevalence of ransomware and stolen credentials, organizations need to do everything in their power to prevent them being victimized by cybercriminals. The same is true for their insurance carriers. Between both, minimizing threats by way of active dark web monitoring can be an immense help.
Active dark web monitoring can help reduce insurance claims by stopping attacks before they do considerable damage. It is a lot like monitoring a person’s health. By looking for signs that could indicate a future illness or disease, proactive steps can be taken to minimize a patient’s risk.
Losses Can Be in the Millions
Unfortunately for both cyber insurance carriers and policy holders, risks are largely unknown in terms of financial loss. Organizations know that hackers can lock up an entire network or cloud environment with a simple ransomware attack. Financial institutions know that stolen accounts and personal information can put millions of customers at risk.
The total losses for a successful attack could be as little as a few million dollars. But Losses could just as easily exceed hundreds of millions. That’s the unknown part.
Such devastating losses represent a significant threat to both insurance carriers and policyholders. So it’s in their best interests to do everything they can to prevent successful attacks. That takes us back to dark web monitoring.
What Dark Web Monitoring Accomplishes
DarkOwl, a leading provider of dark web data for cyber insurance underwriting, explains that the principle of monitoring is all about paying attention to what’s going on in dark web spaces. It’s about constantly looking around those hidden spaces the dark web operators try to keep out of the public eye. DarkOwl and its peers are constantly monitoring forums, marketplaces, etc.
Here’s what active monitoring can accomplish:
1. Detection and Mitigation
Active monitoring’s strength is its ability to detect and mitigate threats in real time. Active monitoring:
- Identifies critical vulnerabilities before they are exploited.
- Facilitates actively blocking phishing attempts and malware.
- Effectively detects anomalies that indicate nefarious activities.
2. Vulnerability Management
Dark web monitoring is an effective tool for leveraging proactive vulnerability management. It’s useful for helping security teams prioritize high risk gaps. It accelerates remediation efforts when weaknesses are found. Dark web monitoring can even help prevent ransomware attacks by identifying and addressing entry points.
3. Reduce Insurance Carrier Risk
Insurance carriers appreciate dark web monitoring because it can reduce claim frequency and dollar amounts. One estimate suggests a 64% drop in claims among policyholders who engage in active monitoring. Likewise, policyholders are often rewarded with lower premium hikes in subsequent years.
4. Reduce Third-Party Risks
Third-party risk management is critical to maintaining a secure supply chain. Unfortunately, third parties are often the weakest link in that chain. Through active monitoring, organizations and cyber insurance carriers can pay attention to any threats that may impact them by way of insecure third parties. What they learn can be leveraged to improve third-party security.
Active Monitoring Is Ongoing
A critical element in active monitoring is its ongoing nature. In other words, active monitoring cannot stop if organizations want to maximize its benefits. Monitoring for just 30 days isn’t going to help organizations 60 days down the road. So once monitoring begins, it’s a permanent thing. What is the point otherwise?
Dark web monitoring is a lot like proactive health monitoring. By paying attention to what could be coming down the pike, organizations can better defend themselves against cyber attacks. A successful defense subsequently reduces insurance claims, saving both organizations and their insurance carriers money. And now you know why dark web monitoring is quickly becoming standard practice.