CIS Cyber Insurance Research Paper published
NCC Group, CRIF founding members, have contributed to this cyber insurance paper written by the Centre for Internet Safety (CIS) at the University of Canberra.
The CIS was created to foster a safer, more trusted internet by providing thought leadership and policy advice on the social, legal, political and economicimpacts of cyber crime and threats to cyber security.
The key messages within this paper echo the CRIF position and also demonstrate a growing market for cyber risk services and cyber liability insurance. In short, Organisation’s need to make informed decisions surrounding cyber risk and should ask questions such as:
• What are the organisations tangible assets?
• Can the organisation survive without them?
• Is the organisation principally B2B or B2C?
• Does the organisation manage any fully automated IT systems?
• What are the privacy and data breach laws for the markets the organisation operates in?
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Robert Herjavec makes it clear that the cost and impact goes far beyond Sony and signposts the way to both major change in markets, particularly insurance. He predicts board level and government focus sharpening and that the frequency and severity is getting worse and worse.