Every time I’ve looked into “cyber incident” insurance it just didn’t make any sense financially. They’ll cover things like required customer credit monitoring

Every time I’ve looked into “cyber incident” insurance it just didn’t make any sense financially. They’ll cover things like required customer credit monitoring and the cost to mail notification letters but neither of those costs are worthy of insuring against. In the grand scheme of things they’re negligible. At the same time it’s almost impossible to put a dollar value on the real cost of a cyber security incident: bad PR, lost and unhappy customers, increased regulatory oversight, a board that’s (understandably) skeptical of your ability to prevent future incidents. And no matter how big of a check you could get an insurance company to write the data still walked out the door. All the money in the world can’t unring that bell.