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Cybersecurity insurance is presently about a 5 billion dollar market globally. There are quite a few underwriters getting into the game and vendors stepping al
by jcims 6y ago
Cybersecurity insurance is presently about a 5 billion dollar market globally. There are quite a few underwriters getting into the game and vendors stepping all over each other trying to figure out how to get a piece of that risk reduction work.
Personally I think it's adequate just to fine companies for breaches and let them figure out if they want to insure or do better or both.
- eru 6y ago> Personally I think it's adequate just to fine companies for breaches and let them figure out if they want to insure or do better or both. They'd just need to post a bond or similar, if they don't want to insure. (Any insurance company would need to do something similar.)
- robocat 6y agoGP poster was suggesting the victims (patients in this case) get compensation, not the company. Currently cybersecurity insurance pays the company, so actually the company itself has less incentive to fix real security issues (albeit with more incentive to resolve the specific security-audit needs of the policy.). And expensive policies reduce the pot of money available to fix problems. Government policies that make directors criminally liable, and ways to spread that liability for criminally negligent security faults, would probably have a better effect than monetary fines.
- jcims 6y agoMy read was that the insurance was to ensure that the company would have funds to pay damages.