Developed by the Indiana Executive Council on Cybersecurity, the Cyber Insurance Toolkit is a FREE, easy-to-download resource that is intended to help businesses and organizations understand what cyber liability insurance is, what it covers and why it's become an increasingly important part of a company's risk management strategy.
Utilizing the knowledge and expertise of insurance professionals and members of the legal profession, the Toolkit features a wealth of information from trusted sources -- everything from the types of questions to consider asking as part of an underwriting document to understanding how you can implement reasonable security controls (without spending a great deal of money) while, at the same time, exercising due diligence.
What Is Cyber Insurance and What Does It Cover?
Cyber Insurance covers the financial risk and exposure arising from unauthorized access to one’s network and inappropriate disclosure of private or confidential information. As not all policies are the same, be sure to review your policy to determine if you are covered for the exposures that are critical for providing adequate protection. In doing so, it's important, too, to understand the terminology as a solution for being prepared in the event of a cyber incident, such as a ransomware attacks. According to Security Magazine, in 2021, over 22 billion records were exposed as part of a data breach, and it's forecast that, by 2023, that businesses will lose approximately $60 billion due to ransomware attacks.
One of the largest growing financial risks a business or organization must face is a cyber breach. Because of that, there is a need for tailored cyber liability insurance to cover a wide variety of exposures that can happen as a result of technology-driven activities -- everything from misplaced cell phones to cyberattacks. Confidential Information can be Personally Identifiable Information (PII), such as Social Security numbers, bank account information and Personal Health Information (such as HIPAA covered information), as well as Payment Card Information, or Confidential Corporate Information, which could be addressed in a contract or agreement.
The Toolkit features (6) key sections, including:
- Cyber Insurance Underwriting Questions
- What Are Reasonable Security Controls?
- What Are My Risk Exposures if a Data Breach Occurs?
- Glossary of Terms
- CYBERscape Technology Map
- Frequently Asked Questions (FAQ)
Additional Cybersecurity Resources
- Cybersecurity Basics - Federal Trade Commission (FTC)
- Protecting Business Information - Federal Trade Commission
- Strengthen Your Cybersecurity - U.S. Small Business Administration
- Cybersecurity Resources Road Map - Cybersecurity Infrastructure & Security Agency (CISA)
- Understanding the NIST Cybersecurity Framework - National Institute of Standards and Technology
- Cybersecurity Fact Sheets for Small Business - Federal Trade Commission (FTC)
- Cybersecurity Videos for Small Business - Federal Trade Commission (FTC)