Cloud Cyber Insurance: Getting Good Lower Premiums For Good Practice
In our organisations, we typically have insurance for fire damage. We also typically have insurance for theft. But, what about cyber insurance? Do insurance companies actually understand cybersecurity threats and their likely costs? While there is some data around, the major problem is one of auditing a company for their security posture.
For our home, you will likely pay less for your insurance if you have fire alarms and intruder detectors. The insurance company would then ask for these and will reduce your premiums. But, what questions would an insurance company ask for cybersecurity?
With some companies, such as Travelex, going out of business with a serious cyber attack, it makes sense to have insurance in place. This, of course, should not be a replacement for good cybersecurity practice.
Now AWS are offering cybersecurity insurance with their cloud offering, and provides customers with a quote within two days [here]:
At the current time, companies looking for cybersecurity have to complete many forms, but AWS aims to make things easier by sharing the cloud infrastructure…
