CYBER INSURANCE STRATEGIES FOR SECURITY EXECUTIVES

Cybersecurity is a top priority for organizations. Security executives, such as Chief Information Security Officers (CISOs), are responsible for ensuring their organizations are protected against cyber threats. The challenge they face are constantly evolving cyber threats, and the potential for significant financial loss from these attacks. Cyber insurance becomes an effective tool for security executives, enabling them to transfer operational and financial risks outside the organization. Cyber insurance also plays a pivotal role in protecting their reputation and customer trust. Using a comprehensive literature review and semistructured interviews, the research team obtained insights from practice that inform the proposed recommendations for security executives. The recommendations presented in this work are compelling for current and future executives as cyber insurance is a novel product. These recommendations will inform the security executive on what to consider when establishing a strategic partnership with a cyber insurance company effectively.