Cyber insurance : Fraud, waste or abuse?

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SESSION ID:SESSION ID:
#RSAC
David Nathans
Cyber-Insurance: Fraud, Waste or
Abuse?
STR-F03
Director of Security
SOCSoter, ...

#RSAC
2
One Size Does Not Fit All
Cyber Insurance overview

#RSAC
Our Research
3
Reviewed many major policies
and some not so major…
Spoke with Insurance agencies
Spoke with Insuranc...

#RSAC
Types of Insurance
4
Loss of digital assets
Damage, alteration, corruption, distortion, theft, misuse, distortion (c...

#RSAC
Types of Insurance
5
Security Event Costs / Crisis Management
Covers costs associated with resolving a breach, fines...

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Types of Insurance
6
Employee Privacy Liability
Covers damages to employees resulting in a breach
Electronic Media L...

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Types of Insurance
7
Identity theft
Covers the specific costs associated with notification of victims, credit monito...

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Types of Insurance
Network security
Covers a breach as a result of missing or misconfigured security services such a...

#RSAC
Types of Insurance
Network security
Covers a breach as a result of missing or misconfigured security services such
a...

#RSAC
Fraud?
10

#RSAC
Fraud?
“Forced”* PCI Compliance Fees
• Forced because they will waive the fee if you have a report of compliance
fro...

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Fraud?
What do you get for these fees?
Security Awareness Training: We partnered with security experts to give you e...

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Fraud?
What do you get for these fees?
Card Data Breach Protection: With the rise of Advanced Persistent Threats (AP...

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Waste?
According to AIG, insurance underwriters
collected $1.6 billion in premium income
in 2015.
Allianz projects p...

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Waste?
15

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Abuse?
Things to think about when looking at purchasing a policy
Does the insurance broker you’re working with have ...

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Secrets
As a security practitioner, how do you use insurance to your
advantage?
Follow the policy requirements and e...

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Policy Requirements
Firewall and firewall rule management
Virus scans
Named person responsible for security
Data res...

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Policy Requirements
Encryption at rest, transit and access via mobile devices, are devices
encrypted
Understanding o...

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Policy Requirements
20

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Policy Requirements
Documented data destruction policies
Access and authorization controls for all users and contrac...

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$$$
Average cost of yearly premiums for smaller businesses
$1,000 to $5,000
Depends on:
— Size of business in revenu...

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Take away
Cybersecurity management company MUST be added by endorsement to the
policy or you get what they give you....

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Take away
Policies will not cover ANYTHING if an executive officer is aware of a
condition that would reasonably be ...

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Take away
Things to think about AFTER purchasing a policy
How does insurance modify your Incident Response processes...

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How to get a great policy?
Have a great insurance agent
Who does not laugh when you say Cyber
Who carries multiple p...

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Final Thought
Insurance companies will begin to really help change
the executive mindset of cyber security when prem...

#RSAC
Questions?
27

SESSION ID:SESSION ID:
#RSAC
David Nathans
Cyber-Insurance: Fraud, Waste or
Abuse?
STR-F03
Director of Security
SOCSoter, ...

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