CYBERSECURITY INSURANCE TIP
Learn of your coverage requirements first: For example, is your business required to develop an active, well-managed security program, supported by testing activities, monitoring procedures, program documentation etc, in order to receive coverage?
Do you want to pay premiums for cyber insurance, and then be denied compensation much later during a data breach, for not having developed an adequate security program? How many people do you know have been denied insurance coverage during emergency situations when they have faithfully paid their premiums?
Bottom line: Ask questions. Obtain sound advice before you buy, to ensure you are meeting coverage requirements. BONUS TIP: Proposed updates to the GLBA partly originate from a cybersecurity model used within the insurance industry (below), so I'm sure you can imagine one main artifact cybersecurity insurance providers are going to require from their clients (Think DSP.)!
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