The Information Security industry is broken. Businesses spend over $80 billion per year for security solutions yet still get hacked. For this reason, a well-crafted cyber insurance program is a cost effective means to mitigate the financial impact of a breach.
Cyber insurance is a technically complex product often sold by the wrong seller to the wrong buyer. Sellers are property & casualty insurance agents primarily specializing in fire, general liability and workers’ compensation insurance products. Buyers are generally CFO’s, legal counsel or risk management personnel. CISO’s role in procurement process are generally limited to providing assistance to complete a cyber insurance application, which is often a 20 minute exercise.
For optimal results, CISO’s must be materially engaged in the cyber insurance procurement process. Without the CISO’s technology subject matter expertise, your organization is exposed to premium overpayment, coverage gaps, expensive disconnects in breach response, and insufficient claims payments.
Round out your InfoSec strategy with CISO Secured Cyber Insurance™. Offered exclusively to qualified CISO’s, we work with you to make sure coverage dovetails with your existing security framework. With your involvement we can maximize premium discounts, coverage enhancements and event response services to help you identify, contain, resolve and recover from lost business operations and reputational damage…. on your terms.