What is Cyber Insurance ?

cyber security

Cyber Insurance is about risk management.

Anyone looking objectively at how to protect themselves or their organisation, need to understand what risks there are, how these can be minimised, and then how the remaining risks can be most effectively dealt with.

This may well involve some type of cyber insurance policy, often referred to as a cyber liability insurance policy. At the moment, this market is relatively small, but is due to grow massively over the next few years.

Anyone wanting a job in cyber security insurance, needs to understand the basic principles of risk management. Whilst this might sound quite obvious, a lot of individuals and a lot of areas of industry can be very risk averse.

Understanding risk and its proportionality gives individuals and organisations a real freedom to make valued judgements, which are more likely to lead to a successful cyber security policy.

Not understanding risk, or being too afraid of risk, can have the opposite effect. It can lead to an ineffective cyber security policy, which can have serious consequences for an individual or their organisation.