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Average Breach Falls Below Cyber Insurance Policy Deductible, Study Shows
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KeithB787
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KeithB787,
User Rank: Apprentice
3/11/2016 | 5:39:04 PM
Will cyber insurance premiums ever decrease?
This is definitely a case of where size matters. As the article mentions, it's very similar to car insurance. While you have insurance to cover a serious accident or catastrophic damage, you still have to pay your deductible for the accident. And so businesses will need to cover a portion off every security breach. A more interesting aspect might be that the article noted that cyber insurance coverage is increasing in the market. This will bring more competition and hopefully lower premiums for businesses. Unfortunately, with the huge amount of breaches that continue to happen annually, it remains to be seen if premiums can be reduced.
DaveS6929
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DaveS6929,
User Rank: Apprentice
3/22/2016 | 10:06:49 AM
Security Pros Missing The Mark
According to the Survey cited, the lack of insurance coverage for the average breach is solely attributable to the size of deductibles in the respondant's insurance policy.  Establishinging an average deductible of $10,000 indicates that the overwhelming number of respondants are not Small-MidSized Enterprises. 

The current Marketplace for Cyber Insurance is repleat with deductibles as low as $1,000 for the SME segment, the very firms who would be crippled or bankrupted by a 100-500 PII breach.

Is cybersecurity the panacea for these firms (or any for that matter)?  Obviously not, as the headlines would illustrate.  No, Breach Response is the critical factor and SME needs assistance and guidance the most.

To imply that Cyber Insurance isn't worth buying is fundamentally irresponsible.
DaveS6929
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50%
DaveS6929,
User Rank: Apprentice
3/22/2016 | 10:18:47 AM
Re: Will cyber insurance premiums ever decrease?
If premiums under $600 are what you're looking for, all you need to do is look a bit harder.  Excellent coveragee suites from substantial Insurance Carriers with deductibles as low as $1,000 are readily available for SME.

For SME, ANY breach could be catastrophic.  They need a Cyber SWAT Team that they can call and have everything handled.  That is one of the best features of the insurance policies currently available and affordable.

We certainly buy insurance to protect against serious & catastrophic circumstances.  For SME, a 100-500 PII Breach is just that.  60% of them go out of business within 6 months of a cyber crime.  The insurance industry has indeed responded to the needs of SME to transfer this risk effectively and inexpensively.

 

 


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