5 Key Risks identified below but there's a sixth one that maybe is the weakest link
- Not just cyber insurance- it's also first-party property risk.
- Wearables & employee-based group health policies
- Medical devices and aberrant data
- IP theft
- Professional Liability/Tech E&O Insurance
- Ironically at the heart of the insurer itself maybe the weakest link! The Proxy Server
Designed to safeguard the insurer it is a focus of hacker attack.
There the encrypted data being sent from within the organisation is decrypted, analysed and if not blocked re-encrypted before starting its journey. Which means all the master keys are there and at a point in time unenrypted data.
A treasure trove for any hacker and one that insurers should include in any PEN testing.
Then look at the other 5 issues described below.
The International Risk Management Institute (IRMI) defines cyber as, “A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities such as selling on the internet or collecting data within its internal electronic network.”
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