In Depth

Cybersecurity Insurance: Safety at a Premium

Are your intangible assets protected? Here's how to choose the right cyberinsurance policy for your company.

By Daintry Duffy

Know the facts. One finaland perennially difficultissue is if, when or how the authorities will be notified in the event of a breach. O'Neill suggests that CSOs have that conversation with their insurer up front as some companies have policies that mandate calling the authorities, which can sometimes make it harder for the company to get back up and running. "When you engage the feds, they will draw yellow tape around the affected systems and impair a company's ability to gain forensic information," says Sanjay Mehta, vice president of business development at TruSecure. If the systems are physically quarantined, the effort to restore business continuity can be dragged out indefinitely.

The best advice for CSOs that are weighing cyberinsurance coverage is the familiar adage: Let the buyer beware. Many of the differences between individual cyberinsurance policies are found in the small print, and CSOs who carefully analyze the details of their coverage will be better protected ifor whenThe Big One comes along.

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