Using Blockchain to Underwrite Cybersecurity Insurance

When I first heard about a cybersecurity company, CloudCover, using their security technology to build a cybersecurity insurance platform on blockchain, I was fascinated by the intersection of technologies and what this might mean for healthcare organizations.  Plus, I really wanted to better understand more about the future of cybersecurity insurance and what technologies and solutions could help.  For those that don’t follow cybersecurity insurance closely, I’ve talked to many healthcare CIOs that are afraid that cybersecurity insurance may disappear.  Insurance is all about risk and actuarial models are hard with so many security breaches happening.  It’s definitely reasonable to question what the future of cybersecurity insurance will look like in healthcare.   Given CloudCover’s recent announcement, I sat down with Stephen Cardot, Founder and CEO at CloudCover, to learn more about their novel approach and what it could mean for the cybersecurity insurance industry.  Cardot shared with us some of the challenges the security insurance industry faces and how they’re approaching insurance today.  Then, he describes the patents they’ve received to be able to identify, score, lay off, and underwrite security risks at a granular level and all on the blockchain.  This is a dramatic change to the underwriting process.  In some ways, I see it has creating thousands of little insurance policies for your organization and all stored on the immutable blockchain.   Learn more about CloudCover: https://cloudcover.cc/  Find more great Health IT content: https://www.healthcareittoday.com/