Cyber insurance: Necessary, Expensive, and Confusing as Hell

Get ready for sticker shock when you purchase cyberinsurance. Because we teach CLEs on cyberinsurance, we can tell you with some assurance that lawyers are very confused about what specific insurance they need. According to a 2017 survey by the data analytics firm FICO, half of US businesses have no cyberinsurance, 27 percent have no plans to buy coverage and only 16 percent report having a policy that covers all cyber risks. [...]many insurers are focused on PII (personally identifiable information) coverage which may or may not be the primary need of an organization. The score was based on 12 factors, weighted differently, including information on information security executives, policies, multi-factor authentication, cyber training (we have seen a big uptick there), cyberinsurance, penetration testing, vulnerability testing, third-party risk assessments, information governance, cyber investment, full disk encryption, and data loss prevention technology and software.