Forest Global Training Partners

Cyber Risks · Cisco Talos

What you — and your company — should know about cyber insurance

Summary: A Cisco Talos article cites a J.D. Power & Associates and Insurance Information Institute study released in October 2018 finding that 59 percent of businesses still had no form of cyber insurance, even as attacks such as the takedown of Baltimore systems, Equifax's 2016 breach and the Capital One theft showed the exposure. Equifax's cyber policy covered $125 million of a breach that cost the company $1.4 billion in total, and Cisco's Leslie Lamb said the company reassesses its policy annually, starting about 120 days before expiration, with its CISO meeting underwriters each year.

Key Takeaway: Equifax's policy paid $125 million against a $1.4 billion breach - a gap of more than a billion dollars that the company itself said could have used a bigger policy. Underwriters now ask applicants about patching cadence, endpoint counts, firewalls and third-party vendors, so the answers your team gives on that form become the coverage you actually have when an incident hits.

Read the original at Cisco Talos ↗

Topics
Data Breaches
Related