Analyzing the Risk in Cyber Insurance
Over the last few years, the penetration of web-based services, connected devices, and digitalization of information have transformed the operability of web-based services. Through this transformation has boosted a company’s acumen to render optimal customer services, it has also played a prominent role in changing its security posture. Traditionally, computer security is considered as a set of constraints added while developing any new feature to the existing portfolio of offerings. The erroneous perception has changed now. The tremendous impact of cyber attacks makes it imperative for organizations to have a proper IT security in place that can mitigate the cyber threats.
Even with the proliferation of cyber insurance, it is vital to underline the problems that affect cyber risk insurance indicator. The core difficulties while doing so are risk assessment and T&C factors of insurance coverage. The risk assessment is an incredibly complex job for both small and large size organizations. Overall, several cases enable risk assessment on statistically relevant data. But, sometimes it also involves material damages that can be objectively assessed.