Cyber Insurance: A Complicated Necessity

Whether an organization suffers a cyber incident is no longer a question of "if" but "when" and as such, cyber security is a risk to be managed not solved.

The basic game plan of cyber risk management is to minimize risk. However, no amount of technology, policies or training can guarantee that an organization will not suffer a cyber security incident.  Accordingly, once an organization has minimized its risk using technology, policies or training, it should consider transferring the risk that cannot be removed through investment in further security measures, to a cyber insurance policy. In fact, due to the increasingly high costs associated with a cyber incident, many consider cyber insurance not as a mere consideration but rather as an absolute necessity.