Law Practice Management and Technology

The Bottom Line Volume 37, No 2 April 2016

What Every CISO Needs to Know About Cyber Insurance: Industry Experts Share Their Insights and Advice on Cyber Insurance

By Samir Kapuria and Roger Park

Decades ago, a group of merchants created a concept of general average—which is when all parties in a maritime venture share in losses resulting from a sacrifice of cargo in an emergency. What this group fashioned in 1890 was a method for merchants to insure their shipped goods. Upon landing, merchants whose cargo landed safely were expected to contribute a portion to merchants whose goods had been lost at sea. With this, an early form of insurance was born.

If we look at cybersecurity today, our information could be lost in a digital ocean we call the worldwide web. From a threat lens, the volume of attacks continues to rise as adversaries become more determined, persistent, and hostile with cyber attacks. Attackers will continue to:

  • Move faster and more efficiently,
  • Breach organizations with targeted campaigns,
  • Focus on consumers across social media, mobile, and connected platforms, and
  • Aim to take advantage of the emerging Internet of Things.

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