Cyber Insurance
What is Cyber Insurance?
Insurance coverage designed to protect organisations against financial losses resulting from cyber incidents such as data breaches, ransomware attacks, and business interruption caused by cyber events.
Terms that appear alongside cyber insurance
Each of these is named in at least one of the same controls as cyber insurance. The number is how many controls name both.
- ransomware 5 shared controls
- nist 5 shared controls
- policy 4 shared controls
- compliance 4 shared controls
- resilience 4 shared controls
- cybersecurity 4 shared controls
- performance management 3 shared controls
- audit 3 shared controls
Frameworks that govern cyber insurance
What the standards actually require on cyber insurance
Requirements naming cyber insurance across 6 standards, quoted from the control text.
Lloyds of London Cyber Insurance Requirements - Affirmative Cyber Coverage Mandate. Following Lloyds Market Bulletin Y5258 (issued 16 August 2022) all Property Policies underwritten by Lloyds market participants must clearly state from 31 March 2023 onwards wh...
LLOYDS-CI-Affirmative-Coverage-Property-Cyber-Mandatory-Clarity-LMA-Model-Clauses-March-2023-Implementation · Lloyds Cyber Insurance Affirmative Coverage + LMA Model Clauses + March 2023 →Cyber Insurance. RLEs should consider the benefits of purchasing a cyber insurance policy as part of their risk transfer strategy (para 24).
BMA-27 · Cyber Insurance →The FSA expects financial institutions to implement a comprehensive cybersecurity risk management framework + aligned with NIST CSF 2.0 + FFIEC IT Examination Handbook + ISO/IEC 27001 ISMS + integrated into Enterprise Risk Management (ERM).
JP-FSA-CYB-Risk-Management-NIST-CSF-FFIEC-Aligned-Identify-Protect-Detect-Respond-Recover-Govern-Plan-Do-Check-Act · Japan FSA Cybersecurity Risk Management Framework + NIST CSF 2.0 Aligned + FFIEC Crosswalk + Identify Protect Detect Respond Recover Govern + ISO 27001 ISMS + Plan-Do-Check-Act + Inherent vs Residual Risk + Risk Appetite + Cyber Risk in ERM →Establish and maintain contact information for parties that need to be informed of security incidents. Contacts may include internal staff, third-party vendors, law enforcement, cyber insurance providers, relevant government agencies, Information Sharing and A...
CIS-17.2 · Establish and Maintain Contact Information for Reporting Security Incidents →FTC Safeguards Rule emerging areas in 2024-2025. AI USE IN FINANCIAL INSTITUTIONS: FTC AI guidance + 2024 OMB M-22-09 ZTA + 2024 OMB M-24-08 AI Risk Management + Section 5 FTC Act unfair-and-deceptive enforcement against discriminatory AI + opaque scoring + bi...
FTC-Safeguards-AI-SBOM-Pipeline · AI Use, SBOM, Supply Chain and 2024-2025 Emerging Areas →HKMA C-RAF 2024-2025 pipeline + emerging risks + sectoral cybersecurity evolution. KEY 2024-2025 INITIATIVES: (1) AI + MACHINE LEARNING + GENERATIVE AI CYBER GOVERNANCE - AIs deploying AI/ML for fraud detection + AML + customer service + lending + risk managem...
HKMA-CRAF-2024-2025-AI-Quantum-Cloud-Ransomware-DORA · HKMA C-RAF 2024-2025 Pipeline - AI, Quantum-Resistant Cryptography, Cloud Security, Ransomware, EU DORA Coordination →Questions people ask about cyber insurance
What is Cyber Insurance?
Why is Cyber Insurance important for compliance?
Which compliance frameworks address Cyber Insurance?
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See how Cyber Insurance applies across compliance frameworks
Our platform maps 686 frameworks with 311K cross-framework control mappings. Explore how this concept is addressed across standards.