Privacy & Data Security
|May 08, 2004 3:50 am
||Insuring against information security risks
| Michael Chua
|| Dear Ryzers
I would like seek opinions from anyone here regarding the concept of insuring against information security risks. That is, as a company to pay a monthly premium to an insurance company that will compensate you if you get an information security incident. *touch wood* :)
The benefits to insured company would be predictable costs for information infrastructure and an end to financial calamities resulting from breaches.
Motivation for insurance companies would be a newly created and lucrative revenue stream.
Lastly, such insurances will be a boon for information security consultants to perform independent audits, especially those that do not have a pressing quota to sell a box to the customer.
Particularly, I'm interested to find out from:
1. People who are in the insurance business.
2. Business owners whose businesses rely on accurate and timely data, facilitated by sophisticated technologies.
Private Reply to Michael Chua (new win)