More Implications of Solarwinds: Insurance
The far reaching and undiscovered effects of Solarwinds and the fact that breaches are on the rise has actuaries adjusting their models and sharpening their pencils. It is important to know exactly how your cyber/breach insurance policies work and what the performance requirements are. As you go to renew, expect that there will be new and adjusted requirements and limitations.
Insurance is an important back stop in our control stack; and like any other control, we need to know what it does and how effective it is. Check out this video from my friend Joseph Brunsman. As an insurance specialist he outlines some of the important things to know about likely performance requirements for policies today, and changes in policy requirements and scope at renewal. He reviews important areas such as notice, potential claims, policy periods, attribution, and the like.
With the ever narrowing scope and rising cost, transferring risk has diminishing returns. We can be sure that post-Solarwinds, our mix of controls and our risk thresholds will change. Just as with the actuaries and underwriters in the insurance industry, we too need to adjust our risk management models.
In this video Joseph discusses three potential insurance implications of the Solarwinds breach/incident.
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