Tip: Use Granular Insights to Optimize Coverage
Posted: Wed Feb 12, 2025 9:56 am
As budgets continue to decrease, it’s paramount that CISOs make the most financially sound decisions regarding self-insurance. To navigate this landscape, organizations can leverage a financial CRQ model that can break down policies according to specific business impact scenarios. This capability reveals granular details, helping organizations identify the areas in which self-insurance may be more cost-effective.
For instance, a CISO may discover that there is russia whatsapp number data a high likelihood of experiencing an event due to a third-party service provider failure but a relatively low chance of a ransomware or extortion event. Armed with these insights, organizations can negotiate more favorable terms aligned with their unique cyber risks, factoring in the expected financial damage calculated for each specific scenario.
While research shows that companies that invest in cyber insurance policies tend to have shorter attack detection and response times, this result is more indicative of an in-depth risk assessment that factors in an organization’s specific cyber environment. Only after this knowledge is obtained can cybersecurity teams devise the most economical mitigation strategy, whether it involves transfer or potentially opting for self-insurance.
For instance, a CISO may discover that there is russia whatsapp number data a high likelihood of experiencing an event due to a third-party service provider failure but a relatively low chance of a ransomware or extortion event. Armed with these insights, organizations can negotiate more favorable terms aligned with their unique cyber risks, factoring in the expected financial damage calculated for each specific scenario.
While research shows that companies that invest in cyber insurance policies tend to have shorter attack detection and response times, this result is more indicative of an in-depth risk assessment that factors in an organization’s specific cyber environment. Only after this knowledge is obtained can cybersecurity teams devise the most economical mitigation strategy, whether it involves transfer or potentially opting for self-insurance.