Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Comments
The Pitfalls of Cyber Insurance
Newest First  |  Oldest First  |  Threaded View
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
8/25/2017 | 7:34:10 PM
Re: Insurance?
@REISEN: Doctors and lawyers -- even the very best -- typically have malpractice insurance as a matter of course. And most companies have some form of umbrella policy at the very least as a matter of course. Drivers have auto insurance as a matter of course (sometimes as a matter of law, albeit). It's a bit hard for me to agree that cyberinsurance is for cowards just because it goes to things you should be doing anyway.

Bad things happen. That's what insurance is for.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
8/25/2017 | 7:31:12 PM
Re: Insurance?
@REISEN: To be fair, most if not all of this is exactly what cyberinsurance carriers do. Granted, however, the standards/procedures are way different between small businesses (who typically just have to fill out a form) and large enterprises (which have to undergo actual audits).
mcavanaugh1
50%
50%
mcavanaugh1,
User Rank: Strategist
8/25/2017 | 8:45:28 AM
Re: Insurance?
While the article is better than most when it comes to the topic the information is still not entirely accurate.  There are carriers that are guilty of providing "skinny" coverage forms however the same can be said for many E&O carriers just trying to get some quick premium.  To generalize the entire marketplace based on a couple cases where coverage was not provided is misguided.  In the case of P.F. Changs, the policy did not include coverage for PCI fines & penalties because the agent/broker that placed the business did not include the coverage when they offered terms from Chubb.  The reference to the Ameriforge case is even worse because the claim involves a crime insurance policy, not a cyber insurance policy! These types of errors fall mostly on the part of the agent & broker that helped place the business for not obtaining or presenting the right coverage to the purchaser of the policy.

From a policy perspective, a comprehensive stand-alone cyber insurance policy will include coverage for the breach of PII/PHI, Cyber Extortion (including ransomware & other extortion events), business interruption & lost income from an event, and lost revenues as a result of your vendor suffering an attack impacting your business all with a minimum premium of $1,000 for a 1M limit.  The rating basis for premiums is a combination of the revenues, operations/industry and (if available) the number of records being stored.  For example, a 100M manufacturer is going to be seen as a lower risk than a 10M healthcare practice because of the nature of information and regulatory environment on the healthcare side.

The fact of the matter is that these policies should not be seen only as an insurance policy.  A good policy should be used as a service to make your company a better risk.  Coverage with the right insurance carrier can include risk management in the form of portals & webinars with others going so far as to offer proactive risk management in the form of consulting, active monitoring, table tops, and pentesting as a part of the policy.  No matter how good an IT department can be there is no way to solve the problem of IT & Cyber security, especially when it comes to the human element, but the problem and risk can be managed.  Similar to having a general liability or E&O policy, a cyber insurance policy should be seen as a way to round out a company's risk management.
REISEN1955
50%
50%
REISEN1955,
User Rank: Ninja
8/23/2017 | 11:07:58 AM
Re: Insurance?
True - have no idea what current rates are though.  This is a relatively new fad and I think written for cowards in the IT staffing department - when management has zero faith in what they are doing!   How many employers take out insurance, in geneal, to protect employees from failing to do their jobs????
mcdanielsc
50%
50%
mcdanielsc,
User Rank: Apprentice
8/21/2017 | 4:09:00 PM
Re: Insurance?
Insurance premiums would undoubtedly be higher than current rates if underwriters evaluated companies as you're recommending.
REISEN1955
100%
0%
REISEN1955,
User Rank: Ninja
8/21/2017 | 12:43:23 PM
Insurance?
If I was an under-writer evaluating a business for coveage, I would first want to closely examine in detail CURRENT backup plans and disaster continuity plans to ensure that basic, good protocols are being followed.  I would want to know if the network is buttoned up tight - that the servers are secure and that other protocols, such as HIPAA, are being observed.  I would want to see user education plans too.  Only IF the house is locked, tight and solid would I ever CONSIDER writing a policy and that would also be up for review every 3 months.    Knowing standards as they are today, I would probably be writing very FEW policies. 


COVID-19: Latest Security News & Commentary
Dark Reading Staff 9/25/2020
Navigating the Asia-Pacific Threat Landscape: Experts Dive In
Kelly Sheridan, Staff Editor, Dark Reading,  9/25/2020
Startup Aims to Map and Track All the IT and Security Things
Kelly Jackson Higgins, Executive Editor at Dark Reading,  9/22/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Special Report: Computing's New Normal
This special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
Flash Poll
How IT Security Organizations are Attacking the Cybersecurity Problem
How IT Security Organizations are Attacking the Cybersecurity Problem
The COVID-19 pandemic turned the world -- and enterprise computing -- on end. Here's a look at how cybersecurity teams are retrenching their defense strategies, rebuilding their teams, and selecting new technologies to stop the oncoming rise of online attacks.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-26120
PUBLISHED: 2020-09-27
XSS exists in the MobileFrontend extension for MediaWiki before 1.34.4 because section.line is mishandled during regex section line replacement from PageGateway. Using crafted HTML, an attacker can elicit an XSS attack via jQuery's parseHTML method, which can cause image callbacks to fire even witho...
CVE-2020-26121
PUBLISHED: 2020-09-27
An issue was discovered in the FileImporter extension for MediaWiki before 1.34.4. An attacker can import a file even when the target page is protected against "page creation" and the attacker should not be able to create it. This occurs because of a mishandled distinction between an uploa...
CVE-2020-25812
PUBLISHED: 2020-09-27
An issue was discovered in MediaWiki 1.34.x before 1.34.4. On Special:Contributions, the NS filter uses unescaped messages as keys in the option key for an HTMLForm specifier. This is vulnerable to a mild XSS if one of those messages is changed to include raw HTML.
CVE-2020-25813
PUBLISHED: 2020-09-27
In MediaWiki before 1.31.10 and 1.32.x through 1.34.x before 1.34.4, Special:UserRights exposes the existence of hidden users.
CVE-2020-25814
PUBLISHED: 2020-09-27
In MediaWiki before 1.31.10 and 1.32.x through 1.34.x before 1.34.4, XSS related to jQuery can occur. The attacker creates a message with [javascript:payload xss] and turns it into a jQuery object with mw.message().parse(). The expected result is that the jQuery object does not contain an <a> ...