Cybersecurity Insurance: Are You Covering Your Risk?
This IDC Perspective identifies five crucial principles for IT executives about the use of cybersecurity insurance to transfer portions of an organization's cybersecurity risk to an insurance carrier. Modern cybersecurity insurance policies require that organizations undergo a rigorous control assessment and surrender some control of the incident response process to carrier representatives. When chosen carefully, cybersecurity insurance policies limit an organization's financial exposure in the event of a major breach."Hardly a month goes by without a major cybersecurity breach making national news. From Microsoft to Colonial Pipeline and from hospitals to schools, cybersecurity incidents cross industries and organization sizes. Many organizations are turning to cybersecurity insurance policies to limit their financial losses in the event of a security incident that compromises sensitive information or systems," says Mike Chapple, adjunct research analyst with IDC's IT Executive Programs (IEP).
Please Note: Extended description available upon request.
- Executive Snapshot
- Situation Overview
- What Is Cybersecurity Insurance?
- Critical Knowledge for Businesses and Business Leaders
- The Direct Costs of a Cybersecurity Breach Can Be Significant
- Key Takeaways on Cybersecurity Breach Costs
- Not All Cybersecurity Losses Are Insurable
- Key Takeaways on Insurable Losses
- You May Already Be Covered
- Key Takeaways on Coverages
- Insurers Require That You Reveal Sensitive Information to Them
- Key Takeaways on Sharing Information with Insurers
- You Must Read the "Fine Print" on Policies
- Key Takeaways on Policies and the "Fine Print"
- Advice for the Technology Buyer
- Learn More
- Related Research
- Synopsis
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