Cyber Insurance


  • Service Provider

    I've read over a few "Cyber Insurance" policies. Some of them only seem to be concerned with how many credit card/social security numbers are stolen and covers you when you get sued for that. Those policies seem to offer no coverage if you get cryptolockered and lose all your data.

    I was asked to review one for my own business as an example. Basically it's $2,753 a year and offers the following coverage:
    0_1491248944628_cyberInsurance.png ![0_1491248667524_cyberInsurance.png](Uploading 100%)

    I'm thinking the only way you're going to "recover" from something like a crypto infection is to restore from backup or pay the ransom. I think the cost of the insurance is way more expensive than either one of those, and you have to have good backups regardless of whether you have insurance or not.

    Does anyone have any experience making a "cyber insurance" claim?


  • Service Provider

    Insurance is rarely useful for this kind of thing. We did research for years and protection against your own data being lost is effectively impossible to get.


  • Service Provider

    @scottalanmiller I agree. Looking at it like auto insurance where cars can be replaced for a price and medical bills can be paid just doesn't have parallels in IT.


  • Service Provider

    @Mike-Davis said in Cyber Insurance:

    @scottalanmiller I agree. Looking at it like auto insurance where cars can be replaced for a price and medical bills can be paid just doesn't have parallels in IT.

    Not at all. It's kind of like getting insurance against doing business badly.


  • Service Provider

    @scottalanmiller said in Cyber Insurance:

    @Mike-Davis said in Cyber Insurance:

    @scottalanmiller I agree. Looking at it like auto insurance where cars can be replaced for a price and medical bills can be paid just doesn't have parallels in IT.

    Not at all. It's kind of like getting insurance against doing business badly.

    And, at the end of the day, it's just monetary compensation for lost data, which I doubt can really be accurately assessed. If your data is gone, all the insurance in the world won't bring it back, and its value isn't well-replaced by dollars.


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