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This presentation discusses the current status of Cyber Liability Insurance and how carriers are managing to understand and cover cyber risk. If one views "cyber risk" from a operational risk perspective versus IT risk, then Cyber liability insurance can be one of the most effective countermeasures available to you.
However, buyer beware...as this is a nascent market where underwriters, actuaries, and others involved in providing cyber insurance are on a steep learning curve. Aligning insurance policy language with your security program is paramount...so that when the time comes and you need it most, you'll have a smooth claims process, without litigation with your carrier.
Effectively implementing a cyber insurance policy as another arrow in your quiver, requires collaboration across your organizations.