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Risk

3/24/2017
02:15 PM
Kelly Sheridan
Kelly Sheridan
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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.
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(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
 

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AndyJ008
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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.  
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