Cyber Insurance 101 for CISO’s

The presentation discusses the value proposition of cyber insurance and its evolving services, immediate support, financial recovery, reputation management, and lost income. The speaker emphasizes the need for collaboration between cybersecurity and insurance experts to improve outcomes for customers.

• Cyber insurance provides a fresh look under the hood and identifies areas for risk improvement
• Immediate support is a valuable aspect of cyber insurance, providing access to PR people, lawyers, and other experts
• Cyber insurance covers financial recovery, reputation management, and lost income
• Collaboration between cybersecurity and insurance experts can lead to better outcomes for customers

The speaker shares a story about an agent trying to win an account for three years, but the company did not have cyber insurance or technology errors and omissions insurance. The company was also found to have a link to the Chinese government on their login page. The agent and cybersecurity experts were able to clean up the risk and provide a cyber policy for the company.

This session provides a basic understanding of a cyber policy including market dynamics, coverage terms and conditions, and services included with the product. We also discuss the value a CISO can bring to the cyber insurance procurement process.