The Financial Services Sector Coordinating Council (FSSSC) has published a guide to purchasing cyber insurance. Purchasers’ Guide to Cyber Insurance Products provides an overview of the cyber insurance market and identifies key questions that a prospective policyholder should ask itself, its broker or agent and its insurer when considering the purchase of cyber insurance.
The FSSCC is a volunteer advisory body comprising representatives of the financial industry. The council coordinates the development of critical infrastructure strategies and initiatives with its financial services members, trade associations and other industry sectors.
As the guide notes, most cyber insurance carriers provide data privacy coverage, which generally includes liability coverage for loss or breach of data, coverage for the remediation of such losses (e.g., customer notification and forensic investigations) and coverage for regulatory fines or penalties associated with breaches, business interruption, extortion and other costs.
See also, “How to Negotiate a Cyber Insurance Policy: SANS Institute Webinar,” in AMWA’s April 2016 Sustainability and Security Report.