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Cybersecurity Insurance: Five Things CIOs and Businesses Need to Know

Cybersecurity Insurance: Five Things CIOs and Businesses Need to Know

This IDC Perspective identifies five crucial principles that IT executives must understand about the use of cybersecurity insurance to transfer portions of an organization's cybersecurity risk to an insurance carrier. Modern cybersecurity insurance policies require that organizations undergo a rigorous control assessment and surrender some control of the incident response process to carrier representatives. When chosen carefully, cybersecurity insurance policies limit an organization's financial exposure in the event of a major breach."Hardly a month goes by without a major cybersecurity breach making national news. From Equifax to Yahoo! and from hospitals to schools, cybersecurity incidents cross industries and organization sizes. Many organizations are turning to cybersecurity insurance policies to limit their financial losses in the event of a security incident that compromises sensitive information or systems," said Mike Chapple, adjunct research analyst, IDC.

Executive Snapshot
Situation Overview
What Is Cybersecurity Insurance?
Critical Knowledge for Businesses
1. The Direct Costs of a Cybersecurity Breach Can Be Significant
Key Takeaways
2. Not All Cybersecurity Losses Are Insurable
Key Takeaways
3. You May Already Be Covered
Key Takeaways
4. Insurers Require That You Reveal Sensitive Information to Them
Key Takeaways
5. You Must Read the Fine Print
Key Takeaways
Advice for the Technology Leader
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