NOVEMBER - 2023ENTERPRISE SECURITY| | 19CXO INSIGHTSCyberattacks are on the rise, and they're getting more sophisticated by the day. Whether you manage network security for a small business or a large enterprise, your cybersecurity strategy no doubt includes the basics, such as firewalls, antivirus software, and multifactor authentication. However, if you truly want to reduce the financial impact of cyber risk, you should consider integrating cyber insurance into your incident response plan. A comprehensive cyber insurance policy can do more than cover costs associated with a ransomware attack or data breach. Cyber insurance can often provide proactive risk mitigation resources, as well as critical services such as breach response support to help your organization get back up and running quickly should a cyberattack occur.The challenge for most organizations is that the person often tasked with the purchase of cyber insurance (typically the Risk Manager or Treasurer) resides in a separate reporting structure from the CISO or By David Finz, First Vice President, Cyber Risk, Alliant Insurance ServicesHOW TO INTEGRATE CYBER INSURANCE INTO YOUR COMPANY'S INCIDENT RESPONSE PLANCTO. So, the question remains, how do you successfully integrate cyber insurance into your incident response plan and manage risk collaboratively across the organization? Here are a few tips to help you get started.WHAT IS CYBER INSURANCE?Broadly speaking, cyber insurance covers the costs associated with the loss of your data or damage to your network. It also covers the costs of defense (as well as settlements or judgments) resulting from third-party claims brought by private parties or regulatory agencies. Cyber insurance policies typically cover the following out of pocket expenses:· Data breach event management (this includes the costs of hiring an attorney specializing in data privacy who can advise the company of its obligations, as well as engaging a forensic investigator, offering credit monitoring to impacted consumers, and engaging the services of a public relations consultant)· Business interruption (this refers to the lost income and extra David Finz
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