Security, best practices can reduce cyber insurance costs

Noel Pearman, senior vice president at Bermuda-based XL Catlin, said businesses that proactively reduce their potential risk to cyber attacks by using new technologies or best practice are likely to receive better pricing and conditions from insurers, The Royal Gazette reported. "Blockchain is a good technology to reduce risk for an insurer," Mr. Pearman said. "Eventually the claims that come out are going to shape what the product looks like in respect of prices and terms of conditions," he added.

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