Discussion Topics
Cyber insurance is a critical component of modern risk management, but securing the right coverage—and ensuring it delivers value—requires active involvement from CISOs and security teams. This CyberRisk Collaborative infographic breaks down the CISO’s role across three key phases: before obtaining coverage, during policy selection, and after securing a policy.
More on cyber insurance:
- Why your cyber insurance may not cover everything: Finding and fixing blind spots
- How two organizations beat the cyber insurance maze
Before Coverage: Organizations must establish a strong security foundation to qualify for cyber insurance. This includes implementing insurer-mandated controls such as multi-factor authentication (MFA), endpoint detection and response (EDR), and robust incident response plans. Insurers evaluate security posture rigorously, so CISOs must ensure documentation is thorough and controls are both effective and defensible.
During Policy Selection: Choosing the right policy requires close attention to coverage details, exclusions, and incident response requirements. This phase demands collaboration with legal, finance, and risk management teams to align policy terms with business needs. CISOs should assess insurer expectations, confirm pre-approved vendors, and ensure policy terms support rapid response and claims processing in the event of an attack.
After Coverage Is Secured: Cyber insurance is not a one-and-done effort. Maintaining compliance with policy requirements, preparing for renewal evaluations, and integrating insurance considerations into security and incident response planning are essential. CISOs must track security improvements, conduct tabletop exercises, and ensure cross-functional teams are aligned on breach notification and claims procedures.
