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A great read. Why is cyber becoming a legal issue and why you cannot rely on insurance to back you up. There are many gaps that are yet to find solutions in D&O insurance and cyber insurance. D&O and cyber insurance may not protect when it comes to a cyber attack, least of all legal costs.
It is important that security professionals understand that they have to demonstrate a ‘reasonable level’ of security compliance. Document gaps in cyber compliance, their own actions and decisions and be prepared to adopt a legal position when it comes to compliance. By this I mean ‘I require an officer of the organisation to agree, document and respond to this decision.’ In the recent Uber case there was an expectation the CISO to inform the FTC of the cyber attack.
It feels like we are approaching a minefield with cybersecurity compliance and insurance. We cannot stop, we are walking towards it with blinkers and clown shoes on, we face significant legal and financial costs. Costs that honestly dwarf the balance sheet of an insured party, the salary of a CISO against insurers federal agencies with very, very, very deep pockets. The DoJ wins over 90% of cases.
Courts seem to be turning to the Security professional to confirm, ‘how did you ensure a reasonable level of cyber security, did you report the cyber incident to the regulator and did you inform the board’?
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberlaw
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