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Cybersecurity Insurance: 4 Practical Considerations
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UTIWARI
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UTIWARI,
User Rank: Apprentice
10/16/2015 | 9:00:41 PM
Re: Weak Cyber Insurance Foundations
Insurers are commercial enterprises too. They won't or can't provide coverage without reasonable understanding of the risk involved. There is unfortunately no incentive for the people suffering from the losses to actually quantify and publish the losses incurred. It is going to be a long time before this field matures enough for the actuaries to reasonably cover all possible potential scenarios and still have buyers ready to pay the premium for the coverage. Cyber has to almost become a utility that is uniform for all (like electricity) before that happens. 
EinavN331
100%
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EinavN331,
User Rank: Apprentice
10/16/2015 | 3:06:13 AM
The right Cyber Crime Insurance can literally save your business
No doubt that cyber crime reveal many unresolved problematic issues, even for the most secure bodies is a challenge. This is why cyber insurance CAN save you business, if only you are wise to purchase it via professionals. I can advise that insurance wise the attacked entity do not need to prove the cause of the loss (to data etc.) neither the identity of the attackers. Moreover, referring the Ashley Madison case, it doesn't matter that the attackers still hold the data and can use it as they wish, there is a solution called "identity theft cover" offers policies to the third parties. In addition the right insurance obviously funds the insured`s regulatory expenses that can reach to hundreds of millions of dollars, as well as legal expenses and other experts to recover your system & restore the lost data. This is on a nutshell. Of course that since all of the cyber crime is relatively new, the insurance market always keeps growing and developing in order to extend and fit the existing offered covers to the risk your business is facing with.
oneilldon
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100%
oneilldon,
User Rank: Guru
10/13/2015 | 10:20:50 AM
Weak Cyber Insurance Foundations
 

Cyber Insurance is stalled because of a lack of actuarial data. This stems from the unwillingness of industry to participate in incident data and information sharing made impossible by Congress's unwillingness to provide indemnification for participants. 

Beyond that, the uncertainties associated with a useful and credible Cyber Insurance market are wide ranging and depend on Cyber Security theory and foundations, reduction of theory to practice, the collection and use of empirical practice data, the validation of actual practices against the theory based on empirical data, information sharing, realistic premium setting, informed and trustworthy coverage, and straightforward dollar convertible Cyber consequences. These uncertainties have not yet been reduced to calculated risks.


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