SC Congress Toronto: Assess business risk before entering cyber insurance market
A speaker at SC Congress Toronto advised attendees looking to absorb potential breach costs through cyber insurance, to have a clear understanding of the risk management side of their business before trying to find a broker.
Mary Beth Borgwing, cyber risk specialist at Standish Risk Management, told the 100-strong audience to be prepared to share a record of what attacks they've experienced in the past, as insurance providers will need this information to assess an enterprise's risk profile.
Borgwing, a panelist in the “Cyber Insurance Revisited" session Wednesday, asked whether attendees already had cyber insurance. Only a few raised their hands, with one even describing the experience of finding insurance as a “painful process” resulting in varied quotes from brokers.
To get started, Borgwing said to ask, “What are my critical assets and how do I protect them?”