Insurance for information security is changing. Recently some reports came out that there were moves by insurance companies to leave the cybersecurity insurance market – that it was uninsurable. Dan, Brian, and Erik discuss on this week’s Great Security Debate:
- What happens now that cybersecurity insurance is built into contracts and requirements by customers doing business with other companies?
- Are the carveouts such that it’s easier to just pay and not inform insurance that you want them to pay for the incident?
- Does having “easy” insurance give too many orgs a pass on having to actually improve their security control sets?
- How do insurance “formularies” make companies less secure by not letting them buy the newer, better technologies?
- Conversely, how does the formulary of products help prevent from buying junk tech that calls itself “security”?
- How does the threat of nonpayment of expenses and losses by insurance companies after the fact affect organisational security decisions for or against the formulary?
- How is relying on insurance to determine tech standards the same as the EU demanding all chargers be USB-C?
- Does insurance go away altogether? Do we want it to go away?
- What is the law of the horse and how does it apply to insurance in information security?
- Can shifting downstream supplier risk into insurance really work to reduce risk?
- Is security a cost centre, a cost of doing business, or a potential profit centre for orgs?
- Should we shift from insurance mandate to “figure it out”
- How does the conscious decision not to patch because the patch causes worse issues affect the insurance coverage?
- How can we balance the expectation with our technology suppliers to maintain support longer, especially on IOT or high-cost, long life devices?
- Can a move toward clear, yet broad expectations on controls be enough to meet security expectations for insurance without prescriptive formularies of technology and process?
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