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Why Tenable
Understanding Cyber Insurance and Its Role in Cybersecurity and Operational Resilience
Cyber insurance is a type of insurance coverage to protect organizations from financial losses caused by cyberattacks, including expenses related to data recovery, legal fees and business interruption.
Cyberattacks have increased dramatically in recent years. In 2022, breaches affected more than 422 million individuals, resulting in billions in losses. The cost of a single data breach can be devastating for an organization regardless of size or industry. In fact, some businesses never recover from a data breach and those that do could expend millions in response and recovery fees, with the average breach response costing $4.45 million, a 15% increase over three years.
This is why all organizations should consider cyber insurance coverage. It can help protect your organization from the devastating financial impacts caused by a cyberattack. It can also help cover significant incident response and recovery expenses.
In this cyber insurance knowledgebase, learn more about what cyber insurance is, the types of cyber insurance coverage available, what insurers factor for coverage and pricing, and how to choose the right cyber insurance policy for your organization.
Learn more about:
Getting the Right Data for Coverage
Overcome common business challenges for cyber insurance coverage by ensuring you’ve got the right data you need for your application.
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Tenable Cyber Insurance Report
Learn more about what cyber insurance is and how you can effectively identify and mitigate your organization’s cyber risk.
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Join Tenable Community
Join other professionals interested in learning more about cyber insurance in Tenable Community.
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Common Questions About Cyber Insurance
Have questions about cyber insurance? Check out this FAQ.
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Secure Cyber Insurance Coverage With Confidence
Learn about how to remove cyber insurance application and management complexities with metrics and insight into your cyber risk.
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Meet Cyber Insurance Requirements with Tenable
Learn how you can easily demonstrate your organization has implemented best practices to secure cyber insurance coverage.
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How to Obtain the Right Cyber Insurance Coverage
Learn more about how to find the right cyber insurance coverage that aligns with your organization’s cyber risk profile and business goals.
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Cyber Insurance is No Joke
Hear from industry experts about the challenges in obtaining cyber insurance coverage with recommendations on how to overcome them.
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The Tenable Solution for Cyber Insurance
See how Tenable One can simplify the cyber insurance process so you have confidence you can get and keep the coverage you need.
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The Data You Need for the Cyber Insurance You Want
Tenable’s exposure management platform can help your organization overcome common business challenges by providing accurate, easy-to-understand cybersecurity data to complete a cyber insurance application, secure a cyber insurance policy, and ensure you’re always meeting your coverage requirements.
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Best Practices for Building a Hybrid-Cloud Security Strategy
As organizations move critical systems and operations into the cloud, while still managing on-premises assets, the lines around your attack surface blur and dissolve. It can be particularly challenging if you’re trying to use traditional IT cybersecurity controls that weren’t designed to defend the cloud; however, to secure cyber insurance, most carriers will want you to demonstrate (and continuously attest) you’ve implemented best practices for your hybrid-cloud security environment. This will be a key piece cyber insurance underwriters will likely include on your cyber insurance application.
So, what are some best practices your organization can implement to meet these requirements? This guide is a great place to begin. It offers five key steps to consider, complete with insight into why each step is important and recommendations on how to implement them:
- Create a unified access management strategy
- Automate configuration and validation across all cloud
- Adopt DevSecOps and shift controls left
- Strengthen data security
- Use zero trust to unify strategies
Cyber Insurance Insights
7 Steps to Harden Cloud Security Posture
Cloud security breaches are increasingly common. Cyberattackers know many organizations struggle with implementing mature cloud cyber hygiene practices and they’re actively seeking cloud vulnerabilities to take advantage of. They’re looking for stealthy ways to infiltrate your attack surface and hope they can do so for weeks or months before you notice. An unsecured cloud is a doorway they’re trying to sneak through.
Cyber insurers know just how costly a cloud-based breach can be and have seen the impacts when a breach happens within an organization or down the supply chain. That’s why they’re now looking at ways organizations secure the cloud when making decisions about whether or not they’ll offer cyber insurance coverage.
In this white paper, learn more about:
- How you can industrialize your cloud security to prevent breaches
- Real-world cloud breaches and what could have stopped them
- Which cloud-security tools you should adopt and why
- How to determine the success of your cloud security program
The State of Vulnerability Management
For organizations around the globe, it’s no longer about building defenses for “if” you experience a cyberattack, it’s about being proactive for “when” one occurs. Yet, that’s increasingly complicated because even small organizations have a growing attack surface, one that includes more assets, enables remote work and varies from on-premises to the cloud. Most organizations, especially those that don’t use the right vulnerability management tools, struggle to keep up and get further behind the more the threat landscape evolves.
If you're facing these challenges, the reality is you’re not alone. Tenable’s “State of Vulnerability Management” white paper takes a closer look at the current state of the modern vulnerability management landscape, including perspectives about the roles of IT and security teams as they are today and what they would look like in an ideal state.
Explore this white paper to learn more about:
- Key vulnerability management trends
- How to identify, prioritize and remediate vulnerabilities
- The relationship between IT and cybersecurity for vulnerability management
Tenable Community: Your Go-To Resource for Cyber Insurance
If you have questions about cyber insurance, join Tenable Community to connect with others with similar interests and to learn more about exposure management and the role it plays in securing and maintaining cyber insurance coverage.
Here are some sample conversations happening now:
Has anyone tried the cyber insurance report template?
I'm running Tenable.io and trying to explore the cyber insurance report template for one of my customers. I cannot find it at the moment, and I was wondering if this is an active feature and/or one that is present in my Tenable subscription?
Cybersecurity Snapshot: 6 Things That Matter Right Now
Cyber insurance provider Coalition has released its mid-year report, based on an analysis of claims from 160,000 policyholders, and salient findings include small businesses with annual revenue less than $25 million reported claim-cost average of $139,000, which highlights increased vulnerability to cyberattacks.
CompTIA: Cybersecurity and Risk Analysis Will Mesh
In its “2023 IT Industry Outlook” report, the nonprofit Computing Technology Industry Association (CompTIA) outlines 10 trends to watch, and one, in particular, caught our eye: the connection between cybersecurity metrics and risk analysis. “This structure can then be used to justify investment, determine skill needs or quantify cyber insurance activity.”
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Frequently Asked Questions about Cyber Insurance
Are you new to cyber insurance? Do you have questions, but not sure where to start? Check out this cyber insurance FAQ for common questions and answers.
What is cyber insurance?
Cyber insurance is a type of insurance coverage for financial protection against cyberattacks and data breaches. It can cover expenses such as breach response, legal fees and other recovery costs.
What does cyber insurance cover?
Cyber insurance covers costs related to data breaches; cyberattacks, for example, ransomware; and cyber incidents. Coverage may include expenses for investigation, legal services, customer and public notifications, public relations and brand management, and potential liability claims.
Does my organization need cyber insurance coverage?
Most organizations need cyber insurance coverage, but especially those that create, store or transmit sensitive information. While not mandatory, cyber insurance helps mitigate financial and reputational damage from cyberattacks.
Are there different types of cyber insurance?
Yes. There are various types of cyber insurance, for example: first-party coverage (direct losses), third-party coverage (claims from affected parties) and hybrid policies with both.
What are the benefits of cyber insurance?
There are many benefits of cyber insurance, for example, it enhances your overall cyber resilience and provides financial protection against losses, including crisis management, legal support, response and recovery help and brand management.
Are there any downsides to cyber insurance?
While there are many benefits, there are also some downsides to cyber insurance, for example, coverage limitations, expensive coverage, high deductibles, exclusions, policy variations and requirements to maintain coverage.
Is there a cyber insurance framework?
While there is not a universal cyber insurance framework (yet), NIST's Cybersecurity Framework has guidance for assessing and managing cyber risks.
Is cyber insurance worth it?
Many factors will determine if cyber insurance is worth it for your organization, including your risk profile, industry and resources. It can act as a safety net, but should not replace mature cyber hygiene practices.
How much does cyber insurance cost?
Cyber insurance costs vary based on factors, such as industry, size, data sensitivity and coverage limits. Small businesses might pay around $1,000 annually, while larger corporations can pay thousands or more.
What’s on a cyber insurance application?
A cyber insurance application consists of many questions designed to collect information about your cybersecurity practices; risk management; incident history; and disaster, response and recovery plans.
What does cyber insurance cover?
Each cyber insurance policy is different, but cyber insurance generally covers data breaches, ransomware attacks, and related response, recovery, legal and compliance expenses. Cyber insurance generally does not cover intentional acts.
What does cyber insurance not cover?
Each cyber insurance policy should have clear explanations of what it does not cover. Exclusions vary but may include prior acts, criminal acts, intentional acts or acts of war. Be sure to thoroughly review your policy terms. Work with a cyber insurance consultant for help.
How do I know how much cyber insurance coverage I need?
A range of factors will determine how much cyber insurance coverage you need. As a starting point, evaluate your organization’s potential financial losses, possible fines, and legal fees, as well as response and recovery costs. These costs can be influenced by your organization's size, industry, cyber risk and cybersecurity program maturity.
How do I choose a cyber insurer?
Your organization will have unique factors to consider when choosing a cyber insurer, but should include comparisons of coverage, policy terms, reputation, customer service and the company’s understanding of your industry's risks.
What is required to get cyber insurance coverage?
Required information to get cyber insurance coverage may include cybersecurity policies, incident response plans, and other information about your IT infrastructure, cyber hygiene and risk management practices.
Does my general liability insurance cover cyber incidents?
General liability insurance generally doesn't fully cover cyber incidents. Consider a standalone cyber insurance policy for additional coverage.
What are cyber insurance exclusions?
Cyber insurance exclusions may include prior acts, intentional acts, criminal acts or acts of war. Other exclusions may be industry-specific or be based on insufficient security measures.
Are there risks of not having cyber insurance?
Yes. There are risks of not having cyber insurance. A lack of coverage exposes your organization to financial losses, reputation damage, legal fees and regulatory and compliance fines.
What are some common cyber insurance terms and conditions?
Some common cyber insurance terms include start date of coverage), sub-limits, wait periods for coverage to start and other exclusions.
How do I determine my organization’s cyber risk?
There are many steps involved in evaluating cyber risk, for example, vulnerability assessments, understanding your attack surface and the threat landscape, data exposure and potential impact and risk related to cyber incidents.
What are the regulatory requirements for cyber insurance in my industry?
Cyber insurance regulatory requirements vary by industry and location.
What does the cyber insurance claim process look like?
The cyber insurance claim process involves immediate notification of your insurer, investigations, loss documentation and completing your insurer's assessment and required processes.
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Cyber Insurance SolutionsCyber Insurance Checklist
Secure Cyber Insurance Coverage With Confidence
Completing a cyber insurance application isn’t second nature for most professionals, especially those who generally manage IT and cybersecurity programs. In the last several years, these applications have shifted from just a few questions to pages and pages that are labor-intensive to complete and don’t always give a comprehensive view of an organization’s security and compliance programs. This creates headaches both for the organizations seeking coverage and the cyber insurers offering it.
Why are these applications growing in complexity? Well, for years many organizations simply had to say they had controls in place and weren’t required to verify it. But, as breaches have increased and cost of response and recovery have skyrocketed, carriers will no longer just take your word for it. They want you to demonstrate your controls actually function as designed and that you’re continually assessing your program for improvements as the threat landscape changes.
Tenable’s Cyber Insurance Report hopes to remove some of these complexities by discussing predefined metrics that Measured Insurance has validated. These metrics give cyber insurance underwriters insight into your organization’s cyber risk posture and will help you secure cyber insurance coverage and ensure your organization’s cybersecurity controls are doing what you say they’ll do, especially if you face an attack and need to use that cyber coverage.
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Meet Cyber Insurance Requirements with Tenable
Everything about cyber insurance is complex, especially if it’s not something you deal with on a regular basis. It’s difficult for organizations to know which coverage they need and which carrier they should work with. Applications are detailed and time-consuming and policies are increasingly expensive.
There are even challenges for the insurers, too. They struggle with effectively pricing risk, which is generally based on long questionnaires that don’t paint a clear picture of your organization’s actual risk or what you’re doing to proactively mitigate risk and decrease the likelihood of a cyber breach.
Ultimately, getting and maintaining cyber insurance coverage is all about your organization’s ability to demonstrate you have implemented best practice cybersecurity controls and that you have processes in place to routinely evaluate your controls and find and close gaps before threat actors find a way into your attack surface. What exactly that looks like varies from company to company, but there are some common areas of focus to consider and address. A simplified way to do this is to evaluate your program against Tenable’s cyber insurance checklist, which includes a list of common cyber insurance eligibility questions and an overview of how Tenable’s exposure management platform can help ensure you’re meeting those requirements.
Here are some of the key questions you may be asked when completing a cyber insurance application:
- Do you have a process for discovering and maintaining a complete inventory of your cyber assets?
- Do you monitor your external attack surface - internet-facing systems?
- Are you regularly doing vulnerability assessments against all your known assets?
- Do you regularly perform misconfiguration assessments against all your known assets?
For a complete list of the questions, along with recommendations on how Tenable can help you answer and demonstrate compliance on your cyber insurance application, download this cyber insurance checklist.
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Streamline Processes and Evidence Gathering to Secure Cyber Insurance
With Tenable One, an exposure management platform, your organization can successfully complete cyber insurance applications with confidence, knowing you’ve accurately assessed your cyber risk and have all the data you need to secure your cyber program — and prove compliance to a cyber insurance underwriter.
Cyber Insurance Blog Bytes
How To Obtain the Right Cybersecurity Insurance for Your Business
As organizations of all sizes across all industries face increased risk of cyberattacks, it’s increasingly important to obtain cyber insurance coverage. Yet, most organizations don’t understand which cyber insurance company to work with or what type of coverage they need. In this blog, learn more about how you can find the right policy that aligns best with your risk profile — at a fair price.
CISOs Play an Important Role in Procuring Cyber Insurance Coverage
If your organization wants to get cyber insurance coverage, you’ll have to go through an underwriting process to demonstrate to the carrier that you’ve got proper controls in place to protect against cyber incidents and that they work as designed. In this blog, learn more about the role CISOs play in this important process and how it’s changing and the industry evolves.
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Cyber Insurance On Demand
Securing the Right Cyber Insurance for Your Business is No Joke
Securing and maintaining cyber insurance coverage is not as easy as it used to be. And many organizations might not realize that coverage is no longer guaranteed and policies are increasingly expensive. The good news is that it doesn’t have to be this way. In this webinar, Tenable joins subject matter experts from Measured Insurance and PNC Bank to explore:
- The role of CISOs in meeting insurers' requirements
- How to respond to insurer needs without hiring more people
- How to ensure readiness and reduce application friction
- How to manage risk and costs more effectively
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Meet Your Cyber Insurance Requirements With Tenable
Finding the right cyber insurance underwriter, choosing the right policy and coverage limits and types, completing an application and maintaining compliance for coverage is increasingly challenging. It’s time-consuming and the cost of these policies is increasingly expensive.
The challenges are twofold. On one side, underwriters have ever-growing questionnaires that don’t actually paint a complete picture of your organization’s cyber risk. On the other side, your teams will likely struggle to answer those questionnaires and may never actually understand what your real cyber risk actually is.
Tenable One can help simplify the cyber insurance process so you have the confidence you can get and keep the coverage you need, even as your organization changes or scales.
Foundational Cybersecurity
Get risk information across key pillars like vulnerability assessment and management, Active Directory (AD), external attack surface management, cloud security and more.
Comprehensive Visibility
Discover and map all of your assets so you can identify, prioritize and remediate vulnerabilities and other security issues across your entire attack surface, both on-prem and in the cloud.
Know Your Cyber Risk
Identify and accurately communicate your organization’s cyber risk to support optimal business performance and decrease the likelihood of a successful cyber breach.
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See Tenable One in Action
With Tenable One, your organization will get comprehensive visibility across your entire attack surface to ensure cyber insurance readiness including vulnerability management, identity security, cloud security and more.
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Enjoy full access to a modern, cloud-based vulnerability management platform that enables you to see and track all of your assets with unmatched accuracy.
Your Tenable Vulnerability Management trial also includes Tenable Lumin and Tenable Web App Scanning.
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