GV.RM-04.022

Has your organization evaluated and determined whether to purchase cybersecurity insurance coverage based on your risk profile?

Explanation

Cybersecurity insurance provides financial protection against losses from cyber incidents such as data breaches, ransomware attacks, business interruption, and third-party liability claims. The evaluation process should consider your organization's specific threat landscape, existing security controls, regulatory requirements, and potential financial impact of security incidents. Evidence of fulfillment could include a documented risk assessment specifically addressing cybersecurity insurance needs, meeting minutes from discussions with leadership about insurance options, quotes from insurance providers, or a formal decision document outlining the rationale for purchasing or declining cybersecurity insurance coverage.

Implementation Example

Determine whether to purchase cybersecurity insurance

ID: GV.RM-04.022

Context

Function: GV: GOVERN
Category: GV.RM: Risk Management Strategy
Sub-Category: Strategic direction that describes appropriate risk response options is established and communicated

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Previously I was co-founder and CTO of Progression, a VC backed HR-tech startup used by some of the biggest names in tech.

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Founder, ResponseHub