Cyber Insurance – You Better Shop Around

Cyber insurance policies are not new, but until recent years they lacked maturity. While cyber insurance is still evolving, it is becoming a necessity in cybersecurity resilience strategy. Cisco Talos Intelligence Group published a post covering some key points all businesses should know about cyber insurance. It is important to understand that not all cyber policies are created equal, and it is likely no two policies are the same. Cyber policies are not plug ’n play like traditional vehicle insurance policies and each policy is customized on a case-by-case basis. Many insurers often require some risk assessment questions that potential insureds must address, such as patching cadence, number of endpoints, number of firewalls, and third-party vendor relationships. It is important to make informed decisions before deciding on any cyber insurance. Compare policies and especially review and understand any exclusions/exemptions, including ransomware and negligence that might not be covered. Furthermore, some insurance companies may provide incident response and forensic assistance in the aftermath of an attack. Finally, Cisco, Aon, Apple and insurance company Allianz collaborated to launch a program offering innovative enhanced solutions, including potential severance pay for CISO’s in the event of a termination after a breach. Read the post at Talos