Are you meeting your cyber insurance requirements?

Cyber insurance policies are specifically designed to offer financial protection to organizations in the face of cyber attacks, data breaches, or other cybersecurity incidents. While they can provide a sense of security, it’s crucial to be aware of their limitations.

In this Help Net Security video, Jacob Berry, Field CISO at Clumio, discusses a common problem in the industry: cyber insurance policy requirements are a moving target, and even with a robust insurance policy on file, organizations can’t guarantee that all incidents will be fully covered.

Insurance companies have quickly denied claims, and legal precedents such as Columbia Casualty Co. v. Cottage Health System and Travelers Property Casualty Company of America v. International Control Services emphasize the importance of maintaining industry-standard security practices to ensure coverage. Suppose you don’t meet the minimum requirements and security controls. In that case, you may have trouble taking out a policy, renewing the policy, or, in the worst case, have a claim denied by the policyholder citing negligence.