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 5 standards, quoted from the control text.
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 →Management establishes governance, security controls and consistent policies, standards and procedures to prevent and detect shadow IT (devices, software or services running without IT management's knowledge or approval, placed by business units, third-party p...
ffiec-it-examination-handbook::AIO-III.B.3 · III.B.3 Shadow IT (Architecture, Infrastructure, and Operations) →Advanced control principles for cyber risk management (required, with baseline and intermediate, of an AI whose inherent risk is high).
hkma-cyber-resilience-assessment-framework-c-raf::1.3.A · 1.3 Cyber risk management: advanced level →HKMA TM-G-1 coordination + 2024-2025 pipeline. COORDINATION WITH HKMA FRAMEWORKS: (a) HKMA SPM UMBRELLA (separately referenced) - TM-G-1 is one of 60+ SPM modules; SPM provides overall framework + supervisory expectations;
HKMA-TMG1-Coord-SPM-CRAF-Basel-FSB-2024-2025-Pipeline · TM-G-1 Coordination with HKMA SPM, C-RAF v2.0, Basel III, FSB, ISO 27001, NIST CSF and 2024-2025 Pipeline →Audit + Drills + Training operationalise the Directions through ongoing assurance + cyber preparedness. (1) CERT-In Cyber Security Audit: organisations should undergo periodic cyber security audit by CERT-In Empanelled Information Security Auditing Organisatio...
CERTIN-Audit-Drills-Training-AwarenessProgram-CERTInExercises-CISO · CERT-In Audit + Cyber Security Drills + Training + Awareness + CERT-In Cyber Exercises + CISO + Information Security Auditor Empanelment →Questions people ask about cyber insurance
What is Cyber Insurance?
Why is Cyber Insurance important for compliance?
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See how Cyber Insurance applies across compliance frameworks
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