“…some insureds get charged $1,000 an hour by a forensics firm. It’s paying the individual walking by your house burning down with a bucket of water…”Â
“…used to really focus our underwriting attention on how well they could prevent the breach, but we’ve added another phase to it,†says Whetstone. “Not only can you prevent it, but if it happens, how quickly can you respond? Do you have a plan in place? Kind of like a disaster recovery plan or a business continuity plan. It’s the same with this incident response plan.â€
“…cyberinsurance is a “must-have†for most firms today…”
James Whetstone, senior vice president and U.S. technology and privacy manager for insurer Hiscox Specialty, is a former technology geek and broker turned underwriter.
The coverage has evolved quickly– Whetstone compares the product’s acceptance to that of employment practices liability (EPL) coverage– to where cyberinsurance is a “must-have†for most firms today.
The underwriting has also changed. “We used to really focus our underwriting attention on how well they could prevent the breach, but we’ve added another phase to it,†says Whetstone. “Not only can you prevent it, but if it happens, how quickly can you respond? Do you have a plan in place? Kind of like a disaster recovery plan or a business continuity plan. It’s the same with this incident response plan.â€
For more:Â http://www.insurancejournal.com/news/national/2011/06/20/203166.htm