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Cybersecurity Insurance: Are You Covering Your Risk?

Publisher IDC
Published Jan 20, 2022
Length 9 Pages
SKU # IDC16932773

Description

Cybersecurity Insurance: Are You Covering Your Risk?

This IDC Perspective identifies five crucial principles for IT executives 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 Microsoft to Colonial Pipeline 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," says Mike Chapple, adjunct research analyst with IDC's IT Executive Programs (IEP).

Please Note: Extended description available upon request.

Table of Contents

9 Pages
Executive Snapshot
Situation Overview
What Is Cybersecurity Insurance?
Critical Knowledge for Businesses and Business Leaders
The Direct Costs of a Cybersecurity Breach Can Be Significant
Key Takeaways on Cybersecurity Breach Costs
Not All Cybersecurity Losses Are Insurable
Key Takeaways on Insurable Losses
You May Already Be Covered
Key Takeaways on Coverages
Insurers Require That You Reveal Sensitive Information to Them
Key Takeaways on Sharing Information with Insurers
You Must Read the "Fine Print" on Policies
Key Takeaways on Policies and the "Fine Print"
Advice for the Technology Buyer
Learn More
Related Research
Synopsis

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