The Role of Cyber Insurance
A new paper was recently published examining the role of cyber and data breach insurance in the current regulatory conversations surrounding cybersecurity. Cyber and Data Breach Liability Insurance: Protecting Small Businesses and Our Nation, was authored by Charles Tupitza, Carter Schoenberg, Chip Block, Dr. Tony Lopez, Herb Bennett, and Susan Yankaitis.
“This document is for small and mid-sized businesses who are considering acquiring “cyber and data breach liability insurance” to protect themselves against the increasing velocity and complexity of cyber and data breach attacks.
It is also for larger businesses and governments to help them understand the value of the insurance for their contractors and extended supply chain members. Some may wish to require subcontractors and suppliers to have proper insurance in place, as a stipulation to providing goods or services to them.
Detailed guidance is provided to help small and mid-sized businesses identify value for them in coverage. Example language is provided for larger businesses to use in requests of subcontractors and suppliers to have proper insurance in place, as a stipulation to providing goods or services to them. Additional protection and services available from some insurance providers are identified as extra value businesses can gain from a policy beyond what they could afford on their own.
Preventable risk in the application process itself is addressed.
This is a living document. Threats will continue to change, along with the needs of businesses. The insurance industry is moving as fast as they can to provide value. This paper will be updated on a regular basis. We welcome input for updates.”
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