Insurers evaluate how a company leverages technology and what internal standards are in place to manage risk.
Cyberattacks are a fact of life. Every organization — in fact, anyone with an internet account — has been targeted in some manner, from a phishing email to DDoS website attacks to malicious account takeovers.
Just as a company purchases insurance to protect from physical theft and other potential loss and damages, organizations need to add protection against the financial aftermath of a cyberattack.
However, before an organization can purchase cyber insurance, it needs to meet certain criteria.
“Insurers want to know there is an organized and proactive effort to manage cybersecurity risk,” said Travis Wong, VP of risk engineering and security services at cyber insurance provider Resilience.