HIPAA, Cyber Insurance, and Your Cybersecurity Investment

While the insurance industry wrestles with how best to insure cyber risk, premiums will continue to increase, and the amount of coverage offered may decrease or require greater cybersecurity investment by organizations that wish to establish and retain a policy.

In addition to traditional cyber insurance policies, the security partners you select may offer additional coverage from existing vendors. For example, Arctic Wolf offers service assurance, which includes up to $1 million in additional coverage for customers that implement comprehensive security operations solutions.

As the cyber insurance marketplace evolves, organizations should select insurers carefully. The true test of the relationship will come in the event of a claim, of course, but taking the above considerations into account will increase the chances that the relationship will be as strong as it needs to be should an unfortunate incident arise.

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