BlackByte delivers new way to circumvent endpoint detection

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Cyber insurance definition

Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.

What does a cyber insurance policy cover?

Cyber insurance policies are becoming more diverse as the market matures, and the finer details regarding what one policy may cover can be somewhat different to another, depending on several factors. Nonetheless, Lori Bailey, chief insurance officer at commercial insurance provider Corvus, tells CSO that there are general commonalities across most cyber insurance policies:

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Every entity should have an information technology asset disposal (ITAD) program as part of its information security process and procedure. Indeed, every time an IT asset is purchased, the eventual disposal of that asset should already be defined within an ITAD. When one doesn’t exist, data becomes exposed, compromises occur, and in many cases, fines are levied. Such was the case with Morgan Stanley Smith Barney (MSSB), which continues to feel the repercussions of their ITAD’s failure over the past several years, which has now resulted in $155 million USD in fines and penalties.

On September 20, 2022, the Securities and Exchange Commission (SEC) reached a settlement agreement in which MSSB paid a $35 million USD penalty for the improper disposal of devices containing MSSB customer persona identifying information (PII).

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UK law enforcers should be biggest beneficiaries

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Sector-specific hub will look to professionalize the sector

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