Cyber insurance is a contract and as with all contracts terms and conditions apply.

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Cyber insurance is a contract and as with all contracts terms and conditions apply. Cyber insurance is no exception, as demonstrated where the cyber insurance policy did not cover a cyber attack against Hamilton City in 2024. As the City did not adopt MFA across its estate and that was deemed the root cause of the attack. Leaving the City with a $5million hole in its budget.

Cyber is a significant issue for the insured and insurers. Attack frequency, complexity and severity is continually rising. The cost of cybersecurity risk management is rising, requiring those effected by cyber attacks to adopt an ever increasing cyber risk management posture.

One wonders the true cost of corporate cyber self insurance, as insurers small print catches the insured out. Expecting a cyber insurance to cover a cyber incident if you cannot demonstrate a reasonable level of cybersecurity risk management, will leave many companies with holes across their financial statements.

One waits to see the outcome of the Marks and Spencer cyber attack and their reported £100million cyber insurance coverage.

@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan

Veritas GRC

#cybersecurity #cyberriskmanagement #cyberinsurance

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