2. F5 PRO ASSETS
We’ve created these Pro Assets to help you communicate the ideas in this article to your team. Feel free to remove these intro pages, and use them as your own.

3. WHAT’S OUR LIABILITY IN A HACKED WORLD—ARE WE COVERED?

4. For all its benefits, digital transformation also brings risk
For all its benefits, digital transformation also brings risk. As breaches become inevitable and commonplace, the need to transfer risk to cyber insurance is increasing quickly.

5. Three points on cyber insurance: Know our security score
Find out whether we’re covered
Make sure our suppliers are covered too
1. Know our security score
Insurance companies are increasingly using security scoring systems, such as BitSight, SecurityScorecard, and even FICO, which has recently expanded its own scoring system to cover security. Such services constantly monitor externally visible events—including spam relays, compromised computers inside our firm’s network, and open ports within our IP address space—that give a hint at whether our network has been breached.
Like a credit score, such services provide an outside view of an internal state—in this case, our security posture. They can even help detect breaches and give management an indication of how we measure up against our peers.
2. Find out whether we’re covered
Unfortunately, many companies do not fully understand what their insurance covers. Just as homeowners can be shocked to learn that their homeowners’ insurance does not cover flooding, companies can find that an incident falls outside the coverage of their cyber insurance.
For that reason, think about conducting tabletop exercises that allow you to look at different coverage scenarios. If your network is breached due to the security shortfalls of a third-party app, is your company covered by the insurance policy under consideration? How about if one of your employees picks up a flash drive in your company parking lot, inserts it into her laptop, and takes down your network, causing your e-commerce site to go dark? Is the lost revenue covered?
Many insurers attempt to minimize their potential costs by reducing coverage amounts or including exceptions in their coverage. It’s important to consider those limits when evaluating policies and reviewing scenarios.
3. Make sure our suppliers are covered
The average breach from 2013 to 2015 consisted of a loss of over two million records and cost $665,000, according to the NetDiligence Cyber Claims Study The study found that the majority of claims are made by companies with less than $2 billion in revenue.
As the numbers show, companies of all sizes suffer from cyber events and need cyber insurance, including smaller organizations. Large companies should consider requiring that their suppliers also have a certain level of coverage.
Finally, companies of all sizes need to make sure that their deductibles are not too high and that they understand which factors are considered when calculating damages. If our insurance does not cover an incident because it falls under our deductible, the coverage is worthless.

6. One more point: Going through the process of explaining our security technologies, processes, and policies can help expose our weaknesses and shortcomings.

7. Read the full article:
your-liability-in-a-hacked-world-are-you-covered/
More F5 Pro Assets: