![]() ![]() So don't think that all forms of cyber risk are covered by insurance," says Jon Bateman, fellow in the Cyber Policy Initiative of the Technology and International Affairs Program at the Carnegie Endowment for International Peace. ![]() "Cyber insurance is still kind of limited compared to the true amount of risk. There are some things that could be important to organisations that don't tend to be covered by cyber insurance and it's vital to understand what isn't covered, so protecting these assets can be properly managed. This might provide some level of coverage – or may specifically exclude cyber-related incidents. The NCSC also notes that it's worth checking if your organisation already has cyber insurance in place as part of existing policies, such as business interruption or property insurance. Organisations should, therefore, make sure they know exactly what they're signing up for when choosing a cybersecurity insurance policy – and that it covers the potential damage of the most likely cyberattacks including ransomware, phishing and DDoS attacks. It therefore may not be covered by standard cybersecurity insurance – and your organisation could be left without any aid if that's the case. These attacks see criminals posing as CEO, supplier, or other trusted contact and duping people into transferring payments.Īs the UK's NCSC points out, some insurance policies will cover money lost in BEC fraud – but it's often part of a specific policy that's directly related to BEC. Bush administration and founder and CEO of cybersecurity company Fortalice Solutions.īusiness email compromise (BEC) phishing scams are another form of cyberattack that can cost a business a large, sometimes six-figure sum of money. It's very frustrating," says Theresa Payton, former White House CIO for the George W. "The insurance company looks at what the potential incident response and forensic bill might be and that's going to be bigger in many cases as organisations aren't prepared, so they'd actually rather pay. Learn how to make policies to protect your most important digital assets. The smartest companies now approach cybersecurity with a risk management strategy. It is also the case that some cyber insurance companies cover the cost of actually giving in and paying a ransom – even though that's something that law enforcement and the information security industry doesn't recommend, as it just encourages cyber criminals to commit more attacks. This is the sort of standard procedure that follows in the aftermath of a ransomware attack, one of the most damaging and disrupting kinds of incident an organisation can face right now. Underwriting data recovery and system forensics, for example, would help cover some of the cost of investigating and re-mediating a cyberattack by employing forensic cybersecurity professionals to aid in finding out what happened – and fix the issue. "Cyber insurance policies are designed to cover the costs of security failures, including data recovery, system forensics, as well as the costs of legal defence and making reparations to customers," says Mark Bagley, VP at cybersecurity company AttackIQ. ![]() Different policy providers might offer coverage of different things, but generally cyber insurance coverage will be likely to cover the immediate costs associated with falling victim to a cyberattack.
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