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Insurance has long existed as a mechanism for the transferal of risk to a third party, particularly for those risks that fall outside of an organization’s direct control. However, as the threats we face evolve so must the insurance products that we purchase. Recently, the most significant dangers that have come to light and threatened to destroy a company overnight have emerged within the cybersecurity sphere. This has fueled the growing interest and appetite for cyber liability insurance.
Data breaches have led enterprises to invest more in cybersecurity programs. But what about consumers, who often feel the effects of a security breach?
To select the most comprehensive yet affordable cyber insurance plan for your business, it’s critical to first identify who is accessing your confidential data and how they’re accessing it, as this information will largely dictate how your cyber insurance policy is outlined. Ensure your effective policy includes these six key components.
It’s been nearly two years since we addressed cyber insurance in the Cyber Tactics column, so I decided to get an update from Bob Parisi, Managing Director at Marsh.
A study conducted for Hiscox shows that, out of 3,000 companies in the U.S., UK and Germany, slightly more than half (53 percent) of these organizations are not prepared to effectively handle a cyber-attack.
New research reveals that almost half of firms with cyber insurance are unsure if their policy is up-to-date for covering new cyber social engineering attacks.
Cyber insurance purchases are on the rise. According to Marsh’s 2016 Cyber Benchmarking Trendsreport, there was a 27-percent increase in the number of U.S. clients purchasing standalone cyber coverage for the first time in 2015.
While the majority of global organizations say that it is ‘vital’ their organization is insured against information security breaches, less than half (41%) are fully covered for both security breaches and data loss and a third have dedicated cybersecurity insurance.
