Cyberinsurance is useless

[Caute_cautim]

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

[Clay498]

@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

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See this may be help

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

[Caute_cautim]

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