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
Related questions
- Does your organization update cybersecurity risk management objectives as part of annual strategic planning and when significant organizational or environmental changes occur?
- Has your organization established measurable objectives for cybersecurity risk management?
- Have senior leaders established and agreed upon measurable cybersecurity objectives that are used to manage risk and evaluate performance?
- Has your organization formally defined and communicated risk appetite statements that clearly articulate acceptable levels of risk across different business areas?
- Has your organization translated high-level risk appetite statements into specific, measurable risk tolerance metrics that can be monitored and reported?
- Does your organization have a formal process to periodically review and update its risk appetite and objectives based on current risk exposure and residual risk levels?
