Businesses are increasingly exposed to data breaches as cyber criminals relentlessly try to exploit their networks. All too often these businesses turn to cyber security insurance, thinking it will be an easy way to safeguard against any financial loss that they may suffer after a cyber attack.
Companies reach the erroneous conclusion that taking out a cyber insurance policy is a great excuse not to invest in good security practices or products. They see it as a way to cut investment in IT security. It does seem tempting to pay the insurance premium each month, hope for the best and rely upon a third party to pay out in the wake of a massive data breach. However, this is a misguided theory. In reality, the insurance approach to cyber security is never a substitute for the time-tested approaches of investing in people, proven technology and good management.
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SOURCE: Identity Week
Philip Lieberman
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