Compliance for Cyber Liability Insurance
With the threat of data breaches now firmly part of today’s operational risk, data security insurance has become increasingly sought after by businesses.
Insuring the data-sphere is now a rapidly expanding field and is on the fast track to becoming a multi-billion dollar industry.
Data insurance broadly covers two distinct categories. First is the event of a data breach in which sensitive, confidential, or otherwise protected data has been accessed and or disclosed in an unauthorized manner. The second is data loss through accidental mishandling or leak. Under coverage of typical insurance, packages are legal expenses, damages, settlements, and claims by customers or individuals affected by a data breach.
The security offered by cyber insurance is not limited to damage directly incurred by a breach. In today’s climate of data regulation, companies can be exposed to serious legal liabilities in the event sensitive information is exfiltrated.
Businesses are at Risk
The standards of modern data regulation, Europe’s GDPR and the State of California’s CCPA, both mandate a ‘secure by design’ approach to handling sensitive information. This places tremendous responsibility on businesses that store and utilize the personal information of their customers. Data security insurance helps by both mitigating the bottom-line risk to companies and by providing a certain level of proof of a firm’s compliance with best practices.
But data insurance is not always easily obtained.
Like other forms of insurance, vendors require that the insured is abiding by industry safety standards. In other words, in order to qualify for this important layer of security, companies need to demonstrate they have taken the proper steps to secure their systems.
The Role of DLP
Data loss protection plays an important role in the compliance/insurance dynamic.
First off, DLP bolsters a company’s overall compliance regimen. While the installation of a DLP platform is not mandated by data regulations, experts have pointed out that DLP is an important mitigating factor in demonstrating a company’s efforts to secure their data.
What this translates to is that in the event of a breach, executives will be able to point to these measures as evidence of their attentive security practices.
The second factor relates to a firm’s ability to get its data insured. Insurance providers will be reluctant at best to cover a company with no tools to prevent data loss.
Hitting the Standard with GTB
GTB’s Smart DLP gives companies the edge in optimizing their data security.
The AI-powered platform provides clients with the very highest in data loss protection, ensuring company compliance with all contemporary regulation standards.
With GTB, firms can engage confidently in today’s regulatory landscape, protect their most sensitive data assets, while simultaneously mitigating liability.