As cyber attacks multiply, so do insurance policies that cover damages
Ryan McDonald, the Digital Producer for the Baltimore Business Journal, recently interviewed me for the publication’s latest cybersecurity story, “As cyber attacks multiply, so do insurance policies that cover damages,” where he discusses the pros and cons of purchasing cybersecurity insurance and how to go about it. I thought it was worth sharing here on our blog in case any of you missed it. Below is an excerpt from the story.
In the wake of high-profile security breaches that have affected major companies and universities, a growing number of firms are pushing a relatively new product for businesses: cyber security insurance.
American International Group Inc. is the latest big name to introduce a new offering. AIG this week announced it has started offering cyber security insurance to cover property damage and bodily injury.
“More insurance companies are jumping on that bandwagon and starting to offer cyber insurance,” Zuly Gonzalez, CEO of Baltimore-based cyber firm Light Point Security said.
The question for businesses is whether such policies are worth the money.
While purchasing cyber insurance could help your business alleviate some of the damages associated with a possible security breach, it may not be the right fit for every business owner.
“You have to make a decision on where you fit in terms of your risk profile,” Gonzalez said.
Companies should take the time to research the costs and benefits of cyber insurance, she said
You can read the full story on the Baltimore Business Journal’s website here.