Abstract Forward Podcast #7: 10 Things IT Executives Must Know About Cyber Insurance!

Abstract Forward Podcast #7: 10 Things IT Executives Must Know About Cyber Insurance!

Most organizations view IT as a cost center that generates business data which is increasingly used to make business decisions. As a result, these assets need to be vigorously protected from both internal and external threats. Cyber liability insurance is an undeniable but imperfect way to protect these assets. 

1)  Cyber Liability Insurance Defined:

Cyber liability or data breach liability insurance is designed to reduce the risk of civil litigation and other penalties after a hack or data breach occurs. It helps cover the costs of public relations, identity protection solutions, forensic investigation, legal work, and more depending on the coverage you select.

• Business interruption is the most common type of loss from a cyber indecent.
• You want data breach coverage in place because fast action is required to help restore the public’s confidence if your business is victimized by a hack or data breach.
• Note: each carrier and industry will define it uniquely.

In this episode, we are joined by two senior cyber liability risk thought leaders, having a lively discussion on the 10 Things IT Executives Must Know About Cyber Insurance! Some of which includes: business context and definition, heightened duty to protect data and systems, ongoing asset, risk and coverages evaluation, demystifying first and third party losses, and likely coverage exclusions and sub-limits. Compliance, privacy, and assessing vendor risk is also discussed. 

The podcast can be heard here.

More information on Abstract Forward Consulting can be found here.

Disclaimer:  This podcast does not represent the views of former or current employers and / or clients. This podcast will make every reasonable effort to verify facts and inferences therefrom. However, this podcast is intended to entertain and significantly inform its audience based on subjective reason based opinions. Non-public information will not be disclosed. Information obtained in this podcast may be materially out of date at or after the time of the podcast. This podcast is not legal, accounting, audit, health, technical, or financial advice. ? Abstract Forward Consulting, LLC.