Insurance giant Warren Buffett is entering one of the most lucrative spaces in the industry.
Buffett’s Berkshire Hathaway Specialty Insurance unveiled two new insurance policies providing coverage for cyber liability and breach response, alongside resources for risk management.
This is a game changer as many firms do not have adequate information security policy and controls. While cyber insurance will not be enough for a potential firm to recover after a breach, at least it will prevent them from spending in-house dollars which increases their likelihood of survival marginally. Firms should understand that without adequate information security representation, they will be fined by their industry specific regulatory and will suffer a breach. The quickest way to ensure your life as a business owner is short-lived is to not invest in security.
Cyber security along with cyber insurance is the best remedy to prevent unwanted attacks and to ease the mind of regulators and customers.
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