Is Cyber Insurance Worth It?
If only our Homeowners and Auto Insurance Policies worked like Cyber Insurance! This was one of the most eye-opening webinars I have attended packed full of good (and reliable) information sourced from the experts who deal with the underwriting, mitigation, and sales of Cyber Insurance.
We asked some questions, got some opinions, and actually talked about what happens when you come into your office on a Monday morning and all your computers now belong to someone else…
Here are just SOME Key takeaways
Cyber insurance is another tool in your modern information security tool chest. It’s not meant as a replacement or substitution for all the other policies, procedures and controls you’re meant to have… As a matter of fact, it is the last resort if all your other defenses failed you. The provider is there for you and will pay for your recovery from a data breach including business interruption costs, data loss, your reputation, and much more. Without cyber insurance, it could take years for a business to recover and sometimes millions of dollars to recover from an attack, and in some instances, the lack of coverage has proven to be the kiss of death for organizations.
Some customers may treat cyber insurance like auto insurance, but this is totally wrong. An auto insurance policy will not do anything in order to prevent an accident… they will not send you to advance driving school to teach you how to avoid skidding on an icy road. A good cyber insurance provider will include pre and post breach services like risk assessments, penetration testing, monitoring, employees’ security awareness training, forensic services following a breach, and much more.
So how do you find a good insurance company?
- Look at how many claims they have they paid out. You want to find a company that has a good record of paying claims…
- Talk to friends and colleagues and find a broker.
- What are their before and after breach services?
- The details of the coverage and policy should be easy to read. If it’s in hieroglyphics, the product will probably work like hieroglyphics.
- Lastly, the biggest mistake that companies are making is choosing a cyber liability OPTION along with another type of insurance, like say the company’s building insurance. Cyber Insurance should always be purchased as a standalone service and within your own country.
Listen to the discussion, we promise it’s in plain English. At this rate, you can’t afford to go without Cyber Liability Insurance!
Paul Ferillo, Partner, at McDermott, Will, & Emery answers the questions on everyone's minds and provides a detailed look at The Basics and Essentials of Cyber Security Insurance. Read the blog post here.
Wizer’s hacker, Chris Roberts!
- Kelly McGuinness - Underwriter - Cyber & Professional Liability | Markel
- Neil Gurnhill - CEO | Node International
- Jeff Man - Information Security Evangelist | Online Business Systems
- Paul Ferrillo - Partner | McDermott, Will, & Emery
- Kadir Levent - Chief Operating Officer | CyberClan
- Simon Campbell-Young - CEO, MD, | My CyberCare