Did the Co-op have cyber insurance? Whether you believe a cyber insurance policy will pay out in full or not, a cyber policy should at the minimum…

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Did the Co-op have cyber insurance? Whether you believe a cyber insurance policy will pay out in full or not, a cyber policy should at the minimum cover incident response costs, media and legal fees. Ahead of any further costs to remediate the incident and take the company back to a state prior to the incident.

If the Co-op wasn’t covered, then the costs of self insurance are steep. One waits to see the effect of the incident on 2025-2026 earning and profits.

Ultimately cybersecurity is about a risk management and the balancing of risk between the management of risk by the board, self insurance and cyber insurance. It’s not more difficult than that.

Cyber insurance has a place in the risk transfer equation, but, insurance is still a contract and contractual compliance in cyber is dependent upon many factors, least of all a companies cybersecurity maturity and the small print.

@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan

Veritas GRC

#cybersecurity #cyberriskmanagement #cyberattacks

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