Insurers and other insurance professionals have traditionally
been well positioned to drive improvements in risk management
processes. Cyber-security risk is a modern phenomenon which has
arisen in the electronic information and internet age, and the
insurance industry is demonstrating that it can play a key role
both in educating and equipping public and private sector
organisations to manage this emerging risk, and in providing
In Canada, as in other jurisdictions, a number of insurance
professionals are leading the charge by providing a host of cyber
risk-related services, including:
analyses of the types of risk to which their clients are
matching the risk profile to
the insurance available; and
providing education on risk
management and the risk mitigation efforts that can help to reduce
the risk of loss.
These efforts can also reduce the cost of insurance because they
align the insurer's interests with those of the insured
organisation through the effective management of risks that are now
shared with the insurer.
Some insurers and insurance professionals also offer
cyber-security risk related services for after an event, including
through third-party service providers such as breach consultation,
forensic analysis, notification services, call centre services,
credit and identity theft monitoring, fraud consultation and credit
and identity restoration services.
Organisations that, due to the nature of their operations, are
vulnerable to cyber-attacks or privacy or data security breaches
should seriously consider obtaining insurance coverage against
these risks. Today, insurance products are evolving in this area,
and in some cases can be tailored to an organisation's specific
needs. In applying for coverage, organisations should be prepared
to demonstrate to the insurer that cyber risk is an integrated part
of their overall enterprise-wide risk management framework and that
appropriate risk management tools and processes are in place.
Insurers, brokers and other specialists will be involved in the
process in order to analyse and assess the potential risk and the
effectiveness of the measures in place to mitigate losses. In this
way, as in other areas of risk, the insurance industry can drive
overall improvements in cyber-risk management.
Originally published by ILO
The foregoing provides only an overview and does not
constitute legal advice. Readers are cautioned against making any
decisions based on this material alone. Rather, specific legal
advice should be obtained.
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