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Privacy & Data Security

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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.

Thanks

Michael Chua
CEO
WITS
www.wits88.com

Private Reply to Michael Chua (new win)





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