Over the past few years, cyber attacks have inflicted damages worth billions of dollars to businesses worldwide. With cyber attacks becoming criminal in nature, the tasks cut out for the CISOs and the CIOs have become more challenging than ever before.
As the attacks tend to be targeted and the techniques employed sophisticated, the traditional approaches to cyber security may prove inadequate. That’s where cyber insurance plays a role. Today several insurance carriers provide standalone products to cover the potential losses incurred by businesses on account of cyber attacks. With such additional tool to mitigate security risk, is the CIO expected to play a new role?