Security Pros Speak Out on the Need for Cyber-Insurance

 
 
By Chris Preimesberger  |  Posted 2016-03-02
 
 
 
 
 
 
 
 
 
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    1 - Security Pros Speak Out on the Need for Cyber-Insurance
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    Security Pros Speak Out on the Need for Cyber-Insurance

    In this day and age, cyber-insurance policies are necessary, but they come with a number of caveats. Ten CISOs offer tips for success in procuring the right policy.
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    2 - Cyber-Insurance Will Gain in Popularity
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    Cyber-Insurance Will Gain in Popularity

    Due to recent high-profile breaches wreaking havoc on many enterprises, cyber-insurance will be gaining velocity and popularity. The board and the C-suite will have an appetite for reducing risk, in part, by offloading it to insurance providers. — Roota Almeida, Delta Dental of New Jersey Head of Information Security
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    3 - Know What You Want to Protect
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    Know What You Want to Protect

    When buying insurance, you know what you plan to protect—your car, your home, your income, for example. When considering buying cyber-insurance, you should also know what you plan to protect. — Meg Anderson, Principal Financial Group
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    4 - The Benefits of Cyber-Insurance Are Great
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    The Benefits of Cyber-Insurance Are Great

    I believe there are great benefits in obtaining cyber-insurance. It can only contribute in a positive way to a security organization. Most policies will provide a CISO with yet another point of validation and third-party reflection on the overall security program, which can never hurt. — Paul Calatayud, Surescripts
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    5 - Choose a Reputable Carrier
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    Choose a Reputable Carrier

    I think it's necessary and smart for every company to have a policy with a reputable carrier; but the challenge the industry faces is the actuarial model that insurance companies rely on is not capable of predicting who or what is at risk. — Jonathan Chow, Live Nation Entertainment
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    6 - Traditional Insurance Policies Fall Short
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    Traditional Insurance Policies Fall Short

    Cyber-insurance is an important topic for the CISO to discuss with the organization. Traditional insurance policies are beginning to specifically exclude cyber breaches. If an organization is not paying close attention for these changes, they could find themselves without adequate coverage in the event of a breach. — Darren Death, ASRC Federal
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    7 - Is Cyber-Insurance Worth the Cost?
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    Is Cyber-Insurance Worth the Cost?

    The area of cyber-liability insurance is growing exponentially, yet there is little data to show it is worth the cost. To make this determination, CISOs must be able to answer the following: If you are breached—based on the data and legal requirements—can your organization afford the costs of identity protection, notification of individuals, recovery of data, and so on? — Michael Dent, Fairfax County
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    8 - The Cyber-Insurance Market Is No Flash in the Pan
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    The Cyber-Insurance Market Is No Flash in the Pan

    The cyber-insurance market is hot and is here to stay, so be wary of anyone who says cyber-insurance offerings are too expensive for insurance companies to maintain. — Kim Green, Zephyr Health
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    9 - Insuring Against High Costs of Data Breaches
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    Insuring Against High Costs of Data Breaches

    Insurance carriers underwrite cyber-policies that cover liability related to data breaches and major security incidents, which can be costly to identify, contain, resolve and recover. — Michael Molinaro, BioReference Labs
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    10 - You Will Be Breached
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    You Will Be Breached

    We all need cyber-insurance. As they say, it's not if, but when you will be breached. Will your policy provide the kind of coverage you need when this happens? That is the real question. — Farhaad Nero, Bank of Tokyo-Mitsubishi VP of Enterprise Security
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    11 - What Cyber-Insurance Covers
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    What Cyber-Insurance Covers

    Today's cyber-insurance coverage is primarily for (1) forensics: determining the root cause of a potential data breach as well as whether or not records were compromised, and (2) credit monitoring: providing free credit monitoring to breach victims. — Larry Wilson, University of Massachusetts
 

A good cyber-insurance policy can help enterprises weather storms more effectively when a data breach or network security failure has occurred. Cyber-insurance, now being offered by virtually all the major insurance companies, protects businesses and individual users from Internet-based risks—mainly ones relating to IT infrastructure and access to it. Risks like these are typically excluded from traditional commercial general liability policies, or at least are not specifically defined in traditional insurance products. Cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking and denial-of-service attacks. A policy may feature liability coverage indemnifying companies for losses to others caused by things like errors and omissions, failure to safeguard data or defamation. In this eWEEK slide show, published with permission from CISO trade publication SecurityCurrent, 10 chief information security officers (CISOs) from various industries share insight on the future of cyber-insurance and tips for success. However, the adoption of cyber-insurance comes with a number of caveats, making it imperative for CISOs to take an active role in procuring policies.

 
 
 
 
 
 
 
 
 
 
 

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