Cyber insurance is important to an organisations cyber risk transfer program, but its not key.

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Cyber insurance is important to an organisations cyber risk transfer program, but its not key. In fact one would say that with the wave of cyber regulation, cyber incidents and ICT risk that we have seen in the past 18 months. Cyber insurance is only one part of the risk transfer equation that company boards must address to ensure both regulatory compliance and compliance to cyber and D&O insurance policies.

We are aware that the cyber coverage gap is getting bigger for organisations, with organisations having to rely on a mix of cybersecurity risk management compliance, self insurance and cyber insurance.

As the article points out
‘only 13 percent of respondents said they were working ‘proactively’ with their cyber insurance provider to reduce cyber risk. By contrast, 33 percent of respondents said they were taking preventive measures with support from their cyber insurer.’

The challenge and opportunity for cyber insurers and their clients is to deliver solutions that enable effective risk transfer both left and right of bang. Solutions that benefit both parties. Cyber regulation forces cover entities to deliver Left of Bang risk transfer solutions, governance, oversight and assurance.

@Thaddeus Dziekanowski Brian D. McCarthy

Veritas GRC

#cybersecurity #cyberinsurance #cyberriskmanagement

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