Risk

3/24/2017
02:15 PM
Kelly Sheridan
Kelly Sheridan
Slideshows
Connect Directly
Twitter
LinkedIn
Google+
RSS
E-Mail
50%
50%

Intro to Cyber Insurance: 7 Questions to Ask

Buying a cyber insurance policy can be complex and difficult. Make sure you're asking these questions as you navigate the process.
Previous
1 of 8
Next

(Image: Panchenko Vladimir via Shutterstock)

(Image: Panchenko Vladimir via Shutterstock)

Cyber insurance is a growing field putting business and security leaders to the test as they navigate the often tricky process of researching and purchasing policies. Technology is quickly changing, and so is risk.

Insurance for cybersecurity is different from other types of insurance because the nature of threats is constantly changing. A hurricane doesn't change intensity because a building code changes, but cybercriminals will change their strategies as technology and risk evolve.

"New trends like BYOD, [and] IoT make tech strategy change all the time," says Portnox CEO Ofer Amitai. "It's really a problem for businesses to assess their policies and terms. Technology is so dynamic. It's difficult to say what's going on; what's their risk." 

These changes make it harder for underwriters and companies to stay abreast of the landscape. During the tricky process of buying cyber insurance, you'll ask and answer questions about your company, security posture, and other factors to determine which policy is best for you, and how much coverage you should buy. 

It's worth noting the research process is changing for businesses as the marketplace gets more competitive, notes David Bradford, chief strategy officer and director of strategic partner development at Advisen. Because insurers are fighting to underwrite the same businesses, they're making the purchasing process less burdensome for clients.

That said, insurance remains a tricky field to navigate, especially for companies new to it.

Here, Bradford and Amitai share questions businesses frequently ask -- and those they should be asking -- in researching insurance. Keep these in mind as you ponder which policy will work best for you.

[Bradford will give a presentation called Cyber Insurance 101 during Interop ITX, May 15-19, at the MGM Grand in Las Vegas. To learn more about his presentation, other Interop security tracks, or to register click on the live links.]

 

Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio

Previous
1 of 8
Next
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Page 1 / 2   >   >>
AndyJ008
50%
50%
AndyJ008,
User Rank: Apprentice
7/15/2017 | 11:20:24 PM
Service
Great article! I like the idea that this insurance will be a less hassle and less work. The only thing that I can think is how about the services. I know for myself when I bought my insurance from JS Downey Insurance Services, the thing I look is there services and of course affordablity would come next. But if there will no changes about the  Services and reliablity I think this would be great for us as a Consumer.  
ross007
50%
50%
ross007,
User Rank: Apprentice
4/9/2017 | 10:41:57 AM
Crazy Bulk
exertion you put into your online journal great insurance 
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
3/27/2017 | 10:29:55 PM
Risk assessments and coverage
Risk audits are par for the course for cyber insurance for mid- to large-size enterprises.  Small businesses are often only asked to fill out a questionnaire.

As for the different types of coverage, it's important to keep in mind that not every policy has all of the things mentioned (e.g., forensics), but they certainly are common.

And there are many more things "cyber insurance" can cover -- including offline data losses (such as a physical loss).  Indeed, it's not so much "data breach insurance" as it is "data loss/data compromise" insurance -- and MORE.  Another option, for instance, may be content injury liability -- such as when a hacker takes over a company's Twitter account or what-have-you and smears the company somehow.

And more.  Often, companies just have to ask their carrier or broker and/or explain what they are looking for.  (Of course, a company's staff has got to be innovative, imaginative, and experienced to intuit most of the cyber/data-related liabilities you might need covered.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
3/27/2017 | 10:20:55 PM
Re: business secure
@James: There are SO many different types of cyber insurance products out there.  Moreover, a lot of SMEs don't know all of their options simply because they don't think to ask.

Conversely, of course, large enterprises have a bit more leeway to negotiate exactly what they want with insurers -- and they certainly do, given the particularized needs each faces.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
3/27/2017 | 3:13:12 PM
insurers are fighting
"... Because insurers are fighting to underwrite the same businesses, they're making the purchasing process less burdensome for clients."

This is a good point. They are not going to make it simple then companies would understand where they waste their money, it will be quite complex that nobody would understand.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
3/27/2017 | 3:09:54 PM
Re: business secure
Yes, quite informative, I like reading it. 
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
3/27/2017 | 2:30:04 PM
Re: business secure
"... it should be treated as an add-on to good security and compliance ..."

 I agree. Insurance would be like outsourcing responsibilities to third party and not paying attention too much.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
3/27/2017 | 2:27:57 PM
Re: business secure
 " ... one-size-fits-all product ..."

I agree, it would not be but that is how insurance companies will be making profit that moves the industry to a wrong direction. 
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
3/27/2017 | 2:25:59 PM
Cyber insurance?
I do not like the idea that we have moved to a point that we need insurance on cyber security. Anytime insurance companies involved things get very complex and expensive for regular people and business.

 
Maggy2020
50%
50%
Maggy2020,
User Rank: Apprentice
3/27/2017 | 12:39:49 AM
Re: business secure
Very interesting...thanks
Page 1 / 2   >   >>
Russia Hacked Clinton's Computers Five Hours After Trump's Call
Robert Lemos, Technology Journalist/Data Researcher,  4/19/2019
Why We Need a 'Cleaner Internet'
Darren Anstee, Chief Technology Officer at Arbor Networks,  4/19/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
5 Emerging Cyber Threats to Watch for in 2019
Online attackers are constantly developing new, innovative ways to break into the enterprise. This Dark Reading Tech Digest gives an in-depth look at five emerging attack trends and exploits your security team should look out for, along with helpful recommendations on how you can prevent your organization from falling victim.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-11506
PUBLISHED: 2019-04-24
In GraphicsMagick from version 1.3.30 to 1.4 snapshot-20190403 Q8, there is a heap-based buffer overflow in the function WriteMATLABImage of coders/mat.c, which allows an attacker to cause a denial of service or possibly have unspecified other impact via a crafted image file. This is related to Expo...
CVE-2019-8991
PUBLISHED: 2019-04-24
The administrator web interface of TIBCO Software Inc.'s TIBCO ActiveMatrix BPM, TIBCO ActiveMatrix BPM Distribution for TIBCO Silver Fabric, TIBCO ActiveMatrix Policy Director, TIBCO ActiveMatrix Service Bus, TIBCO ActiveMatrix Service Grid, TIBCO Silver Fabric Enabler for ActiveMatrix BPM, and TIB...
CVE-2019-8992
PUBLISHED: 2019-04-24
The administrative server component of TIBCO Software Inc.'s TIBCO ActiveMatrix BPM, TIBCO ActiveMatrix BPM Distribution for TIBCO Silver Fabric, TIBCO ActiveMatrix Policy Director, TIBCO ActiveMatrix Service Bus, TIBCO ActiveMatrix Service Grid, TIBCO ActiveMatrix Service Grid Distribution for TIBC...
CVE-2019-8993
PUBLISHED: 2019-04-24
The administrative web server component of TIBCO Software Inc.'s TIBCO ActiveMatrix BPM, TIBCO ActiveMatrix BPM Distribution for TIBCO Silver Fabric, TIBCO ActiveMatrix Policy Director, TIBCO ActiveMatrix Service Bus, TIBCO ActiveMatrix Service Grid, TIBCO ActiveMatrix Service Grid Distribution for ...
CVE-2019-8994
PUBLISHED: 2019-04-24
The workspace client of TIBCO Software Inc.'s TIBCO ActiveMatrix BPM, TIBCO ActiveMatrix BPM Distribution for TIBCO Silver Fabric, and TIBCO Silver Fabric Enabler for ActiveMatrix BPM contains vulnerabilities where an authenticated user can change settings that can theoretically adversely impact oth...