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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