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Need for cyber-insurance heats up, but the market remains immature

Discussion in 'CSO' started by RSS, Nov 9, 2015.

  1. RSS

    RSS New Member Member

    Spurred by the rash of high-profile hacks, companies are purchasing cyber-insurance to protect themselves from the financial liability associated with data loss and business disruption. But the still-maturing market for cyber-insurance remains fraught with loopholes and inconsistencies, and suffers from a shortage of qualified staff who can properly assess cybersecurity profiles, experts and CIOs say.

    "The application process is less than what you would think it would be, in terms of the due diligence," says Shawn Wiora, CIO and CISO of Creative Solutions in Healthcare, a nursing care facility provider. "I like to work with strong partners and, at this point, I'm not sure that a lot of [the insurers] know what they're doing."

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