Cyber insurance is a growing field putting business and security leaders to the test as they navigate the often tricky process of researching and purchasing policies. Technology is quickly changing, and so is risk.
Insurance for cybersecurity is different from other types of insurance because the nature of threats is constantly changing. A hurricane doesn’t change intensity because a building code changes, but cybercriminals will change their strategies as technology and risk evolve.
“New trends like BYOD, [and] IoT make tech strategy change all the time,” says Portnox CEO Ofer Amitai. “It’s really a problem for businesses to assess their policies and terms. Technology is so dynamic. It’s difficult to say what’s going on; what’s their risk.”