Cyber Insurance - Benefits, Limitations and Risks

Security professionals are responsible for understanding the benefits and limitations of cyber insurance and working with stakeholders across the organization to evaluate whether it's appropriate for your organization's risk management strategy. Cyber insurance can provide financial protection and resources in the event of a data breach, cyber attack, or other security incident. However, it's important to carefully review the policy terms and conditions, as well as the coverage limits and exclusions, to ensure that it aligns with your organization's risk management objectives. Additionally, it's important to understand the concept of risk transference, which involves shifting the risk of a cyber incident to an insurer. We will discuss this concept, but also highlight that effective risk management requires a comprehensive approach that includes measures to prevent, detect, and respond to cyber incidents.