A number of high profile corporate data breaches, mainly in the U.S. retail sector over the last two years, have rapidly led to a major change in enterprise cybersecurity strategy. Information security officers now view risk avoidance as extremely challenging, if not impossible. A traditional approach that builds layered defenses around the network perimeter is increasingly insufficient.
Cybersecurity sits across the enterprise with numerous stakeholders, no longer only the domain of the IT department. The emergence of cybersecurity as a governance issue that must be addressed by the board of directors is redefining the role of cyber insurance. It’s no longer just a financial instrument to transfer risk. Cyber insurance and, more importantly, the underwriting process itself, can be the catalyst to drive a culture of collaboration between stakeholders in the organization.
Let’s examine the different types of cybersecurity risks and how cyber insurance can help your utility be better prepared.