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Is Cyber-Risk Insurable?
In an environment of moving targets, it seems unimaginable that insurance against cybersecurity attacks can be robust enough to provide real protection. There are many types of risks involved, and some include physical damage to property.
In 2014, the Department of Homeland Security addressed the topic of cybersecurity insurance and suggested that a robust cybersecurity insurance market could mitigate risks and even reduce the number of successful cyber-attacks by: 1) promoting the adoption of preventative measures in return for more coverage (monitoring and securing); and 2) encouraging the implementation of best practices by basing premiums on an insured's level of self-protection.
In the space devoted to the topic, they also admit companies may forego insurance because of the perceived high cost of those policies, confusion about what they cover, and uncertainty that their organizations will suffer a cyber attack. But as a business owner myself, I am painfully aware that the possibility of suffering an attack is well accepted, and policies must be carefully read and updated as risks increase and change over time. In fact, we might expect to see cyber terrorism covered in addition to cybersecurity, suggesting a political dimension may be distinguished in the source of the attacks.
Risk Management Approach
By the end of 2014, the review of insurance coverage to indemnify losses from digital crime had seriously gotten underway. The National Association of Insurance Commissioners (NAIC), was already actively involved in commissions and groups, fashioning model laws, and sending notices to consumers on risk management.
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