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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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What am I afraid of?
A key step in buying cyber insurance is figuring out what to protect, Amitai explains. This goes beyond the common concerns around customer and employee data to include things like brand reputation.
If a data breach hits, your business will need to worry about more than IT damage. The cost of public relations expertise, to recover a brand name following an attack, may not be covered under a cyber insurance policy.
(Image: Wavebreakmedia via Shutterstock)

What am I afraid of?

A key step in buying cyber insurance is figuring out what to protect, Amitai explains. This goes beyond the common concerns around customer and employee data to include things like brand reputation.

If a data breach hits, your business will need to worry about more than IT damage. The cost of public relations expertise, to recover a brand name following an attack, may not be covered under a cyber insurance policy.

(Image: Wavebreakmedia via Shutterstock)

2 of 8
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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.  
ross007
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ross007,
User Rank: Apprentice
4/9/2017 | 10:41:57 AM
Crazy Bulk
exertion you put into your online journal great insurance 
Joe Stanganelli
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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
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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
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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
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Dr.T,
User Rank: Ninja
3/27/2017 | 3:09:54 PM
Re: business secure
Yes, quite informative, I like reading it. 
Dr.T
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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
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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
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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
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Maggy2020,
User Rank: Apprentice
3/27/2017 | 12:39:49 AM
Re: business secure
Very interesting...thanks
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