I've been asked to investigate the potential of Cyber Insurance at least half a dozen times over the past 7-8 year, at the various companies I've worked at - None of them ended up purchasing. There are several reasons for this
- There is no clear info about what your getting.. Just marketing spiel hyping up the dangers (At least with car insurance its clearly mapped out)
- The costs are not clearly laid out. When discussing with the broker, you almost see the plumber caricature, rubbing his chin and saying "hmmm.. that's gonna cost ya.."
In all, it was just vague and didn't inspire confidence that the policies would be useful when the sh*t hits the fan...
In addition, getting indicative costs an details is too consuming, most companies have a very short attention span. By making this so opaque, they are driving potential customers away.
Biting the hand that feeds IT
