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Which is not surprising given the scale of recent ransomware attacks. Let's hope that insurers will start with requiring better security from their clients.
by aliasEli 5y ago
Which is not surprising given the scale of recent ransomware attacks.
Let's hope that insurers will start with requiring better security from their clients.
- yeuxardents 5y agoOr that management will begin listening to their SME's about security once they see non-compliance raising their costs...one can dream
- supertrope 5y agoThe purpose of insurance is to transfer risk. Compliance with underwriting requirements or audits is not the same as security. If it’s cheaper to just check checkboxes, pay the ransom, and then hike next year’s premiums then they’ll do that.
- pyuser583 5y agoBut it’s not. Most of the insured damages in cyber insurance are not for paying the ransom, but reputation also damage, liability, etc. The ransom is nothing.
- aliasEli 5y agoDo they also insure against reputation damage? How would that work and could they measure it?
- pyuser583 5y agoYes. How they measure damage depends on what specifically is insured. For example, a policy might cover the cost of a crisis management PR team. Or it might cover the cost of rebranding, including corporate reorganization. A wide ranging reputational risk policy can become very expensive, very fast. https://advisorsmith.com/what-is-reputational-risk-insurance/ https://advisorsmith.com/what-is-reputational-risk-insurance...