A Bonus Segment for Our CISOs—Purchasing Cyber Insurance

In some instances, cyber insurance is considered an alternative to internal cybersecurity controls by business stakeholders or IT managers. This is absolutely not the case. Cyber insurance is a fundamental cybersecurity control and is part of the cyber risk management process as a complementary treatment, providing further support when a cyberattack or data breach happens. It helps with liquidity and cash flow management and covers for losses that the firm might incur.

Foolproof security does not exist. By now, you are either convinced or at least bored from reading the same statement. However, it’s important to repeat it because it’s not if it happens, but when.

Cyber insurance is designed to protect businesses and individuals against risks associated with the internet and, more broadly, risks associated with IT infrastructure, information privacy, information governance liability, and related activities...