Cybersecurity insurance is increasingly being added as part of modern organizations’ cybersecurity strategy. The two sides in the cybersecurity insurance market share a common goal: Stopping cybersecurity attacks. This creates a mutually symbiotic relationship as both insured and insurer have equal skin in the game — the insurance carrier doesn’t want to pay out due to a breach, and the insured doesn’t want to experience one.
The cybersecurity insurance industry informs customers about ways to reduce cyber-risk and provides incentives to take proactive preventative measures. Cybersecurity insurance standards can effectively reshape and improve an organization’s cybersecurity posture due to the cyberinsurance industry’s unique experience and access to information that can help play a crucial role in preventing cybersecurity attacks.
Besides contributing to the creation of a security and compliance framework for your organization’s cybersecurity, this type of insurance has several potential advantages. A data breach can destroy an organization’s reputation and make it susceptible to incredibly expensive fines. A solid cybersecurity insurance policy can help an organization…
