is expensive. The amount of
manpower required to secure such
a cheap device would become cost
prohibitive. Each of these insecure
devices contributes to extra risk,
potentially increasing your premiums.
Second, with every electronic device
we own connected to the Internet,
where do traditional insurance and
warranty policies end and where does
cyberinsurance begin? Your refrigerator
gets hacked and the hacker overloads
your compressor, is this covered
under a cyberinsurance policy or the
refrigerator warranty?
Your company’s headquarters central
building automation system gets
hacked and they burn out your door
locks. Is this covered under the
building insurance, or cyberinsurance?
A truck from your company’s fleet gets
hacked and causes an accident. Is
this claimed against your automotive
insurance or cyberinsurance?
Put these two factors together and you
get massive confusion and potential
fluctuations in what you can expect from
a policy.
Conclusion
When evaluating whether
your company needs
cyberinsurance, you must first
evaluate what virtual assets
are most important to your
company’s livelihood.
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Cyberinsurance is not for everyone.
There are many factors that need
consideration including the sensitivity of
the data you are protecting, the industry
you work in and the size of your revenue
stream. Once you have determined that
cyberinsurance is for you, be sure to
hire an experienced insurance broker
with cyberinsurance experience.
Always remember, it is not a matter
of if you will experience a
cyberintrusion, it’s a matter of when you
will experience one. Cyberinsurance
does not make up for sloppy security
practices but is a powerful piece of a
comprehensive plan to mitigate risk and
defend against cyberattacks. u
Issue 07
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