topic Re: Cyberinsurance is useless in Governance, Risk, Compliance

Cyberinsurance is useless

Caute_cautim — Mon, 09 Oct 2023 10:10:44 GMT

Hi All

I came across this piece about cyber-insurance being useless. What are your thoughts, and what are your thoughts about the Australian Government stating that one should never pay ransomware demands, and thus you should not be insuring organisations who immediately pay up?

Plus weight up that both New Zealand and Australia Privacy Acts, state you must (mandatory) report security incidents involving private data.

But do not, because they decide pay up, before the Media go digging into the Dark Web to find the goodies, when they find out.

https://www.afr.com/technology/cyber-insurance-s-dirty-little-secret-it-s-useless-20220504-p5aig0

Regards

Caute_Cautim

Re: Cyberinsurance is useless

Clay498 — Sat, 14 May 2022 03:56:43 GMT

@My Estub Login wrote:
Hi All

I came across this piece about cyber-insurance being useless. What are your thoughts, and what are your thoughts about the Australian Government stating that one should never pay ransomware demands, and thus you should not be insuring organisations who immediately pay up?

Plus weight up that both New Zealand and Australia Privacy Acts, state you must (mandatory) report security incidents involving private data.

But do not, because they decide pay up, before the Media go digging into the Dark Web to find the goodies, when they find out.

https://www.afr.com/technology/cyber-insurance-s-dirty-little-secret-it-s-useless-20220504-p5aig0

Regards

Caute_Cautim

See this may be help

https://community.isc2.org/t5/Industry-News/Cyberinsurance-may-not-be-that-good-for-organisations/td-p/31594

Re: Cyberinsurance is useless

Caute_cautim — Tue, 31 May 2022 02:12:22 GMT

Hi All

An interesting perspective on cyber-insurance as a last resort from a risk management perspective:

https://www.cisolens.com/reports#h.ayxt7q5ilazk

Regards

Caute_Cautim