Why Cyber Insurance Is More of a Risk Transfer StrategyMarkel India CEO Deepika Mathur Discusses Essentials of Cyber Insurance
Cyber insurance is just one piece of the puzzle to address rising cybersecurity issues. Cyber insurance is not a defense strategy but more of a risk transfer strategy that can save your skin if there is an incident, said Deepika Mathur, CEO of Markel India.
"You can only transfer part of your risk, and that by no means is a substitute or replacement to any of the defense mechanisms that you have in place, which comes with a whole bit of support system in place, with forensics, response plan, media management and other peripheral support during an incident," Mathur said.
In this video interview with Information Security Media Group at ISMG's Dynamic CISO Excellence Awards and Conference, Mathur also discusses:
- How cyber insurance organizations can be good negotiators during an attack;
- Why insurance premiums have been on the upswing;
- The importance of leveraging cyber insurance to avoid being hit on your balance sheet in case of an attack.
Mathur, a keynote speaker at the summit, has led Markel India since 2018. She previously served as executive vice president of HDFC Ergo General Insurance Co. and head of the financial and professional business at Marsh.