With the continued onslaught of cyberattacks against businesses, the cyber insurance market is expected to grow into a $20 billion industry by 2025, according to some forecasts.
In a recent and compelling webcast about cybersecurity insurance as part of an organization's security strategy, IT leaders experienced in the process discussed the pitfalls that can occur when implementing cyber insurance policies.
The discussion — featuring John Regula, CIO for Bucks County, Pa., and Jack Thompson, information security architect for the Indianapolis Colts — delved into what IT leaders need to know when contemplating cyber insurance. It was hosted by Adam Dennison, vice president of Midsize Enterprise Services (MES) at The Channel Company, parent company of MES Computing.
One of the most important considerations when it comes to cyber insurance is to "think about what you need to cover, why you need to cover, and limitations of coverage," Thompson said at the start of the webcast.
The conversation then turned to the pitfalls that can arise with cyber insurance. Here's a roundup of some of those pitfalls (for more information on avoiding the common and not-so-common pitfalls when selecting cyber insurance, view the entire webcast by logging into or joining the MES IT Leadership Network.
Here are 10 cyber insurance pitfalls to avoid:
