The importance of cyber insurance and understanding insurance policies in the context of cybersecurity
- Cyber insurance is becoming increasingly necessary for organizations due to regulatory and contractual requirements
- IT and IT security professionals should be involved in the insurance acquisition process to ensure proper coverage
- Reading and understanding insurance policies is crucial to avoid gaps in coverage and denied claims
- Contingent business interruption is a concept that scares insurance carriers and may not be covered in policies
- Executives understand risk and organizations are already transferring risk through insurance
The speaker shares their experience of trying to get cyber insurance accepted at a Black Hat conference and receiving rejection letters for several years. They emphasize the importance of understanding insurance policies and being involved in the acquisition process to ensure proper coverage.