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ANALYSIS specific risks and the potential commercial impact of a breach .
To make informed decisions , businesses should collaborate closely with their cybersecurity team and legal advisors . It ’ s crucial to scrutinise the fine print of insurance policies , clarify coverage details , and understand the insurer ’ s expectations regarding cybersecurity measures and incident response capabilities .
Some companies have resorted to taking out multiple policies to mitigate risks , but this approach can lead to more complex and time-consuming claims processes .
Innovations in cyberinsurance
As cyberthreats change , so too must the strategies employed by insurers . Cyberinsurance companies are increasingly collaborating with cybersecurity professionals to gain better insights into emerging threats and targeted industries . This collaboration helps insurers develop more accurate risk assessments and actuarial tables , which are crucial for pricing policies appropriately .
Moreover , insurers are moving beyond traditional paper-based surveys to validate their clients ’ cybersecurity capabilities . They are now incorporating more rigorous checks , such as verifying cybersecurity certifications and conducting penetration tests . Some insurers offer discounts based on these validations , incentivising businesses to strengthen their security posture .
Cyberinsurance and operational resilience
Cyberinsurance is a critical component of operational resilience . While it provides financial protection against cyberincidents that traditional security measures may not fully address , it is not a substitute for robust cybersecurity practices .
Greg Day , Cybereason VP and Global CISO
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