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Are You able to rely on your cyber insurance carrier when it comes to incident response?

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Are You able to rely on your cyber insurance carrier when it comes to incident response? Security professionals and leaders are my greatest concern. After a year of disruption caused by pandemics and serious cyberattacks, they are now preparing for the […]

Are You able to rely on your cyber insurance carrier when it comes to incident response?

Security professionals and leaders are my greatest concern. After a year of disruption caused by pandemics and serious cyberattacks, they are now preparing for the future with strategies and policies to protect hybrid work. But then, they are hit with an overwhelming attack of ransomware. This is a stressful time in a already stressful job. A long-time client and security chief told me recently that he feels like a disaster is just weeks away.

First responders rush to help after natural disasters. Homeowners turn to their insurance companies to help them rebuild after a natural disaster. Although it can be difficult, most homeowners can rebuild. Incident responders are sent to the scene of a cyberattack in order to track the criminals and contain the damage. Ransomware attacks can cause the process to take longer, require more resources, and may require more decisions. Many of these may not be made by senior executives or security leaders but by the insurance company. Many cyber insurance companies now require participation in all aspects of the incident response, including ransomware negotiations, and payment decisions, in order to ensure that an insurance claim can still be filed.

This is a natural reaction in an insurance industry that’s still in its infancy. Cyber insurance companies lack the historical loss data and analytics that are available in mature industries like property and casualty. However, they face a rapidly growing demand for coverage. In an effort to reduce the flow of money to hackers who rely on payments and to offset losses, some insurers might even discontinue ransomware coverage in certain industries or geographies. It is essential that this sector of insurance survives. Some of these rules may make it more difficult to obtain coverage or file a claim.

What does this mean for security leaders and their teams in the end? This is the main focus ofResearch Heidi Shey I just started off. Organizations are rehearsing and revising their crisis management and incident response plans as cyberattack anxiety continues to grow. It is crucial to have a thorough understanding of cyber insurance coverage. This research will provide a list of cyber-insurance-related considerations security leaders and executive teams should consider when assessing their readiness to respond to a breach or attack.

Would you be interested in taking part in this research? Interviews are being conducted with security professionals, incident response service providers, cyber insurance carriers, and law firms that provide incident and crisis management. For more information, please contact Senior Research Associate Melissa Bongarzone

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