Is there a slow realization that companies will need to implement cybersecurity risk management practices if they want cyber insurance?

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Is there a slow realization that companies will need to implement cybersecurity risk management practices if they want cyber insurance?

Cyber legislation may come to the rescue of the insurance industry. Current cybersecurity risk management proposals and regulation looks to enforce cybersecurity frameworks, governance and strategy. Requiring cybersecurity practices, oversight, assurance and attestation and a shift in cybersecurity thinking.

These proposals and regulations will set the bar for cybersecurity compliance that the insurance industry can use to evaluate cyber compliance left and right of bang. As there has been little visible drive for the insurance industry to do anything to support their clients manage cybersecurity, when they have the most influential seat at the table. Invariably cyber insurance does not cover cyber incidents and reporting to regulators that you do comply but cannot demonstrate a reasonable level of compliance will increase legal risk.

Ted Dziekanowski

#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance #theaugustagroup

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