Reset

New Study Finds Key Concerns Arising from Security Breach May Not Be Covered By Cyber Insurance

August 7, 2019

Hikvision HikWire blog article cyber insurance study

Hikvision on Ways to Prevent Security Breach

 

Cyber insurance may not cover key concerns arising from security breach or other cyberattacks, according to new research covered in the Security magazine article, “Study Says Cyber Insurance May Create False Sense of Security.”

From the article: “In a study of more than 100 chief financial officers (CFOs) and other senior financial executives, commissioned by FM Global, one of the world’s largest commercial property insurers, 45 percent said they expected their insurer will cover “most” related losses from a cybersecurity event, and 26 percent said they expected their carrier will cover “all” related losses.”

A significant cyber-event may create security concerns and costs that aren’t covered by insurance policies, such as:

  • Decline in market share and/or share price.
  • Lower revenue and earnings.
  • New challenges with regulatory compliance.

In the article, Kevin Ingram, executive VP and CFO at FM Global added: “As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it. While insurance is an essential part of the risk management formula, there are losses related to a cyberattack that insurance cannot cover …”

For more ways to prevent security breach, check out this Hikvision blog: “SSI’s 2019 Physical-Logical Security Assessment Highlights Industry Focus on Cybersecurity, Concerns about Security Breach.”

IMPORTANT! This model requires non-standard firmware. Do Not Install standard firmware (e.g. v.4.1.xx) on this model. Doing so will permanently damage your system. You must use custom firmware v.4.1.25 from the iDS-9632NXI-I8/16S product page.

By downloading and using software and other materials available via this website, you agree to be legally bound by HIKVISION General Terms of Use . If you don’t agree to these terms, you may not download or use any of those materials.

If you are agreeing on behalf of your company, you represent and warrant that you have legal authority to bind your company to the General Terms of Use above. Also you represent and warrant that you are of the legal age of majority in the jurisdiction in which you reside (at least 18 years of age in many countries).