Fraud Management & Cybercrime , Incident & Breach Response , Managed Detection & Response (MDR)

Buying Cyber Insurance: Who Should Be Involved?

All the key players of a company's management group, including the CISO, need to be involved in the decision about whether to invest in cyber insurance, says Greg Markell of Ridge Canada Cyber Solutions, a cyber insurer.

See Also: Core Elements of Modern Workforce Identity Security

That way "when they're reporting into the board about the risk transfer protocols they've taken, it's something that's seamless and it's something that everyone has input on," he says. "CISOs are particularly important to that process because they are the ones that have intimate knowledge of the inner-workings of the security regime of the company."

In an interview at Information Security Media Group's recent Fraud and Breach Summit in Toronto, Markell, who was a panelist, also discusses:

• Determining whether to allocate budgets for cyber insurance versus cybersecurity technology;
• Considering supply chain cybersecurity risks and how they apply to cyber insurance considerations;
• Emerging cyber insurance trends.

Markell is president and CEO of Ridge Canada Cyber Solutions Inc. He has advised public, private and non-profit organizations regarding their risk transfer of organizational exposure to cyber-related losses. Markell's career in insurance began with underwriting for a large national insurer. He then moved on to join a national brokerage, focusing on specialty insurance products for financial services companies, including D&O and cyber liability. Markell left this firm as a partner in 2014 and joined a top 10 global broker, where he was a resource for his colleagues for D&O and the practice leader for cyber and privacy liability.