Building a Cyber Resilient Business by Dr. Magda Lilia Chelly & Shamane Tan & Hai Tran

Author:Dr. Magda Lilia Chelly & Shamane Tan & Hai Tran
Language: eng
Format: epub
Publisher: Packt
Published: 2022-12-15T00:00:00+00:00

In short, cyber insurance compensates for cyber-related financial losses.

There are different types of cyber coverage. Also know that coverage differs from one underwriter to another, and one company to another. The following are a sample of the kinds of cyber insurances (first-party losses) available:

System recovery: This insurance assumes the expenditures associated with technically restoring the data and eradicating the infection—for example, when a cyberattack impacts the business operations and leads to downtime.

Reconstruction of data: As a result of a cyberattack, not all data can be recovered using backups. Some must be manually rebuilt. This insurance bears the expense of the additional work and personnel needed to do this.

Profit loss as a result of suspended activities: For instance, a DoS attack affects the systems of an online e-commerce website, causing major financial losses. Customers cannot access the website, and for more than 2 weeks, all operations come to a halt. This insurance compensates for lost revenue during this time.

Forensic investigation: For instance, the Monetary Authority of Singapore (MAS) requires a detailed incident response with forensic details. This insurance covers the cost of digital forensic vendors.

Notification costs: For instance, a cybercriminal uses a phishing email to steal sensitive patient data from a doctor’s office. This insurance bears the expense of alerting affected patients and, if required, authorities.

Communication costs: This insurance pays for external crisis experts to protect a company’s brand and aggressively mitigate its reputation online.

Production that is defective: For example, a competitor seeking to harm your organization employs someone to hack into the company’s IT system and make changes to the company’s product formula. The wholly automated manufacturing factory produces 50,000 bottles of erroneously labeled beverages. The beverages manufactured can no longer be sold. This insurance provides support for the expense of replacing the batch and properly disposing of the unused items.

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