An FAQ on the “Fine Print” of Cyber Insurance

Last month, the SNIA Cloud Storage Technologies Initiative, convened experts, Eric Hibbard and Casey Boggs, for a webcast on cyber insurance – a growing area to further mitigate risks from cyber attacks. However, as our attendees learned, cyber insurance is not as simple as buying a pre-packaged policy. If you missed the live event “Does Your Cyber Insurance Strategy Need a Tune-Up” you can watch it on-demand.

Determining where and how cyber insurance fits in a risk management program generates a lot of questions. Our experts have provided answer sto them all here:

Q. Do “mega” companies buy cyber insurance or do they self-insure?

A. Many Fortune 500 companies do carry cyber insurance. The scope of coverage can vary significantly. Concerns over ransomware are often a driver. Publicly traded companies have a need to meet due care obligations and cyber insurance is a way of demonstrating this.

Q. Insurance companies don’t like to pay out. I suspect making a claim is quite contentious?

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Where Does Cyber Insurance Fit in Your Security Strategy?

Protection against cyber threats is recognized as a necessary component of an effective risk management approach, typically based on a well-known cybersecurity framework. A growing area to further mitigate risks and provide organizations with the high level of protection they need is cyber insurance. However, it’s not as simple as buying a pre-packaged policy. In fact, it’s critical to identify what risks and conditions are excluded from a cyber insurance policy before you buy.

Determining what kind of cyber insurance your business needs or if the policy you have will really cover you in the event of an incident is challenging. On August 27, 2020 the SNIA Cloud Storage Technologies Initiative (CSTI) will host a live webcast, “Does Your Storage Need a Cyber Insurance Tune-Up?” where we’ll examine how cyber insurance fits in a risk management program.

We’ll identify key terms and conditions that should be understood and carefully negotiated as cyber insurance policies may not cover all types of losses.

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