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Should you go the cyber insurance route, or not? Takeaways from the Debate Room of 20 October 2021


Cyber insurance is only one of the many possible tools to mitigate the risks of falling victim to a cyber crime. And while it used to be relatively low-cost, this is no longer the case. With the dramatically higher number of attacks, our members have told us it is both more expensive and harder to get coverage. Furthermore, not every risk can be insured, such as GDPR violations.

 

Over 60 Beltug members debated over the 'sense and non-sense' of taking out an insurance policy against cyber crime.  The topic was first introduced by Partena Professional, based on their own recent experience.  The discussion that followed highlighted several valuable tips in the face of rising cyber-crime.

 

The key takeaways from the debate have been published for our members in a Beltug Paper that summarises the most interesting insights from the discussion. Overall, the goal is to be prepared, assess which risks you want to transfer and insure against and know where to find relevant information. There is also a very good tip on how not to help cyber criminals target your business!

 

The presentations from the event are also available to Beltug members, below (after login).

 

 

Let's talk sense and non-sense
 

Ann Guinée, Communication Manager, Beltug (English)

 

 

Setting the scene for cyber insurance
 

When we balance the high risks of cyber attack with the high standards for a cyber insurance, we are faced with the question: does this insurance make sense for the organisation? Would it be a better use of resources to invest the insurance fees in tangible controls?  Or should you profit from the expertise insurers have accumulated over the years? And furthermore, are these insurers and their products really as mature as we need them to be? There is certainly plenty to debate!
 

Paul Loonen, Information Security Officer, Partena Professional (English)

 



 

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