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The Cold Truth about Cyber Insurance
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JeffreyS042
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JeffreyS042,
User Rank: Apprentice
11/11/2019 | 5:24:39 PM
Reliance on Cyber Insurance
Some great stuff here......also some problematic comments.  Lots of similarities in the information security and cyber insurance worlds.  Most namely, early product versions of both weren't very good.  It is not the intent of cyber insurance to cover IP risk which is best covered by other insurance, namely Intellectual Property insurance This coverage is available and can cover both defense and enforcement expenses 

Anyone relying 100% upon cyber insurance for security is foolish.  

Unfortunately, we are seeing more infosec professionals mistakenly use misleading and inaccurate examples of claim denials such as Sony, Mondelez, Bank of Blacksburg etcetera which did not involve stand-alone cyber policies. Other citings involve very early versions of cyber policies.

Best practice is to consider cyber insurance as the last piece of the cyber risk management puzzle.  Use a broker with expertise, get multiple quotes and make sure to review the policy including conditions and exclusions.  If you want to use your own IR folks, try to negotiate that into the deal. 

Auto insurance is not a cure for reckless driving. The same is true for cyber insurance.


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