Insurance For Cybersecurity Incidents And Privacy Breaches

Employees and other insiders are a major security risk. A cybersecurity incident or privacy breach caused or facilitated by an organization's insiders can result in significant losses and liabilities. Insurance can be an effective way to help manage insider risk. An organization should obtain appropriate professional advice when making important decisions about privacy and cyber insurance.

Insider Risk

Studies consistently indicate that a significant portion of privacy breaches and other cybersecurity incidents are caused or facilitated by a current or former insider (e.g. an employee or contract worker) of the affected organization or its business partners. An organization's insiders present significant risk because they have authorized access to the organization's information technology systems, special knowledge of the organization's valuable data and security practices and a greater window of opportunity for misconduct.