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.

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   >   >>
Windows 10 Migration: Getting It Right
Kevin Alexandra, Principal Solutions Engineer at BeyondTrust,  5/15/2019
Artist Uses Malware in Installation
Dark Reading Staff 5/17/2019
Baltimore Ransomware Attack Takes Strange Twist
Kelly Jackson Higgins, Executive Editor at Dark Reading,  5/14/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
Building and Managing an IT Security Operations Program
As cyber threats grow, many organizations are building security operations centers (SOCs) to improve their defenses. In this Tech Digest you will learn tips on how to get the most out of a SOC in your organization - and what to do if you can't afford to build one.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-12184
PUBLISHED: 2019-05-19
There is XSS in browser/components/MarkdownPreview.js in BoostIO Boostnote 0.11.15 via a label named flowchart, sequence, gallery, or chart, as demonstrated by a crafted SRC attribute of an IFRAME element, a different vulnerability than CVE-2019-12136.
CVE-2019-12173
PUBLISHED: 2019-05-18
MacDown 0.7.1 (870) allows remote code execution via a file:\\\ URI, with a .app pathname, in the HREF attribute of an A element. This is different from CVE-2019-12138.
CVE-2019-12172
PUBLISHED: 2019-05-17
Typora 0.9.9.21.1 (1913) allows arbitrary code execution via a modified file: URL syntax in the HREF attribute of an AREA element, as demonstrated by file:\\\ on macOS or Linux, or file://C| on Windows. This is different from CVE-2019-12137.
CVE-2019-12168
PUBLISHED: 2019-05-17
Four-Faith Wireless Mobile Router F3x24 v1.0 devices allow remote code execution via the Command Shell (aka Administration > Commands) screen.
CVE-2019-12170
PUBLISHED: 2019-05-17
ATutor through 2.2.4 is vulnerable to arbitrary file uploads via the mods/_core/backups/upload.php (aka backup) component. This may result in remote command execution. An attacker can use the instructor account to fully compromise the system using a crafted backup ZIP archive. This will allow for PH...