target audience: TECH BUYER Publication date: Jan 2022 - Document type: IDC Perspective - Doc Document number: # US48765422
Cybersecurity Insurance: Are You Covering Your Risk?
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Abstract
This IDC Perspective identifies five crucial principles for IT executives about the use of cybersecurity insurance to transfer portions of an organization's cybersecurity risk to an insurance carrier. Modern cybersecurity insurance policies require that organizations undergo a rigorous control assessment and surrender some control of the incident response process to carrier representatives. When chosen carefully, cybersecurity insurance policies limit an organization's financial exposure in the event of a major breach.
"Hardly a month goes by without a major cybersecurity breach making national news. From Microsoft to Colonial Pipeline and from hospitals to schools, cybersecurity incidents cross industries and organization sizes. Many organizations are turning to cybersecurity insurance policies to limit their financial losses in the event of a security incident that compromises sensitive information or systems," says Mike Chapple, adjunct research analyst with IDC's IT Executive Programs (IEP).