The Insurance Landscape
Earlier in the chapter, we provided an example of transferring risk. This is primarily done by purchasing cybersecurity insurance for your organization, which should be a requirement for your organization. Before we get into more details on the policy, let’s take a look at what the estimated cost of a breach may be to provide better context around why your organization should onboard a cybersecurity policy.
Estimating the Cost of a Breach
To provide more context into the need for cybersecurity insurance, Travelers’ The Hard Realities of Cyber Event resource provides several examples of the estimated cost of a breach, with a breakdown of the costs involved. You can review the examples here: https://www.travelers.com/business-insurance/cyber-insurance/claim-stories#. For example, when a breach occurs, the following are some examples of costs you can expect to incur:
- Investigation costs such as forensics
- Crisis response costs...
