How Risky Is Cybersecurity Insurance?
summary
Cyber-insurance reduces but does not eliminate losses: example small breach of 28,000 records produces about $3.0M total damage, $1.4M invoiceable recovery and a $14K premium; company decides not to claim despite having a 2 million policy with $25k deductible. Market pricing drifts toward roughly $12.5K per million coverage and spikes after large losses. Public Baltimore ransomware costs ~ $20M with a $1M deductible and premiums near $900K. Underwriting, truthful answers, OFAC screening, insurer response teams, and tabletop playbooks for ransom decisions materially change outcomes; basic fixes (2FA, O365 hardening) cost far less than incident losses.
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chapters (8)
- 0:00Intro
- 1:20The Role of Cyber Insurance
- 5:15Lobster Pricing - Market Based
- 8:14Cyber Insurance impact on Security Team
- 15:32Insurance and Ransomware Drilldown
- 20:25Small Company Real World Example - Breach
- 24:56Baltimore Ransomware Event
- 34:36Cyberstart - Increase the Cybersecurity Talent Pool
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