With many traditional insurance policies no longer responding to or outright excluding cyber events, risk professionals must understand their options to ensure the organization is protected when a data breach inevitably occurs, according to the newly released RIMS Professional Report titled, “A Guide to Cyber Insurance.”
The report provides a reference for risk professionals who are exploring options to effectively manage cyber risks that are uncovered or not addressed by the organization’s existing risk management program. It addresses the cyber insurance application process, the procurement of insurance, the management of cyber claims, litigation strategies and other best practices to respond to cyber events.
“While cyber risk management policies are necessary for every organization, reducing a category of risk to zero is impossible. Cyber insurance can help cover the gaps between a robust risk management program and any remaining risks,” the report notes.
A Guide to Cyber Insurance is co-edited by Katherine J. Henry and Brendan W. Hogan from the law firm Bradley Arant Boult Cummings. Their fellow colleagues Dylan C. Black, A. Kate Margolis, G. Benjamin Milam and Emily M. Ruzic co-authored the report.
The report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.