Cyber Insurance
As cyber-attacks continue to rise, an increasing number of businesses are considering cyber insurance to help mitigate risk. If you are considering cyber insurance for your business, there are a few things that are important to understand about these types of policies and their requirements.
Does everyone qualify for Cyber Insurance?
Unfortunately, todays reality is – No. Given the rise in cybercrime activity the insurance companies have been applying a more stringent process in order to qualify and if you are unable to prove the validity of your answers, as with most insurance, you may be disappointed with the result.
What does Cyber insurance give you?
In some ways, cyber insurance is a lot like property insurance. With property the insurance company may want to know what countermeasures you have put in place, like dead bolts, fire extinguishers, smoke and burglar alarms, surveillance and fire suppression systems, monitoring services, or 24×7 security guard services, before insuring you against fire and theft.
With cyber insurance, you will be asked many questions before gaining cover. Things like your approach to access control, data classification/encryption/backup, email security, security awareness training, vulnerability management, network and endpoint security, as well as network visibility, incident response, compliance frameworks, industry standards – it’s not a straightforward process.