When most executives discuss data breach threats, often issues like financial loss due to customer dissatisfaction and diminished brand reputation are top of mind.
Terrorism, workplace violence, and cyber security are among the 200+ security topics to be covered at the ASIS International 61st Annual Seminar and Exhibits in September.
Your company may think it has adequate insurance coverage for a network breach, but there’s a good chance that it does not. According to the findings of a recent UK government report, over half of the companies surveyed thought they had the right coverage in place, while only 10 percent actually did. Another sizable group of those surveyed responded that they had no idea which of the many cyber risks facing their company even could be insured.
When a major hack hits the news, enterprise IT teams scramble to prepare for the fallout. Any organization directly affected by a breach is bound to come under fire, along with the effectiveness of existing security deployments that were unable to protect them.
The rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015.
Although cyber insurance has been around for a few years now, since it is still a fairly new concept and the industry is expected to grow exponentially in the near future, companies may have questions. Lynda A. Bennett, Chair of Insurance Coverage Practice at the law firm of Lowenstein Sandler, LLP, in Roseland, New Jersey, spoke with Security about the ins and outs of cyber insurance. As an attorney specializing in these types of claims, Bennett represents enterprises, not insurers.
