The cybersecurity firms need to workout on several parameters to cover risk and minimize data damage for companies that is growing becoming insurance challenge. As the sector expands more mandatory algorithms to emerge, but as of now below are few of the things to learn.
This is not something like the real estate, auto and life insurance market where accurate and actual data is available. In the cybersecurity insurance the companies need to rely on security readiness assessments to help in determining the potential risk amount that an organization carries. Independent third parties carries out such evaluation to assess several factors like value of data, amount of data, locations where data resides, security products and tools used to protect the information. Following it the assessment is to be measured against the best practice list to make changes to new techniques and tools that is lately available in the market.
Incident Response Plans
The insurance firms may ask companies to document incident response plans to spell out required steps that is to be followed after data breach or attack. This ensures in what manner the damage is handled and it reduces recovery time as well as costs too. Some of the steps are like preparation, identification, containment, eradication, recovery and lessons learned. The companies need to identify specific team too that will be responsible in managing and executing the plan.
Security FICO Scores
Similar to the credit scores a security FICO scores for businesses will also emerge to measure credit worthiness of companies, whose permission is not required to develop. Algorithms will be used in grading the security posture of companies based on publicly available information. The companies will also be forced in the system to monitor their score on regular basis and alter behavior too in ensuring their rating does not impact negatively.
This is something much required. The cyber insurance companies need to install monitoring tools to reduce volatility. The tools are to provide insurers one good way in reducing the risk through real-time collection and analysis of data. This may also lead to offering discounts on premiums or else the cybersecurity insurance firms could make a mandatory requirement in extreme cases.
Sharing information will become a norm to help the insurers get historical data while pricing policies. It could be named as Cyber Exposure Data Scheme, which is already in use in some cases.
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