Increasing Role of Counsel Among Operational Shifts Highlighted by Cyber Risk Management Survey

As companies become more aware of the complexities of cyber risk, they are approaching not only preventative measures more collaboratively, but also risk management and insurance selection. A recent survey conducted by Advisen and Zurich North America shows operational shifts, including the increasing cooperation between IT and risk management, a heightened role for counsel and boards, as well as more reliance on external resources for post-breach efforts. The survey also reveals that the process of determining the right insurance coverage is also becoming part of this collaborative security effort. “Insurance in the cyber realm is not merely an instrument for transferring risk. Even the process of obtaining the insurance is viewed as a catalyst for driving and elevating enterprise-wide cybersecurity risk management,” Roberta Anderson, K&L Gates partner, told Cybersecurity Law Report. See also “Building a Strong Cyber Insurance Policy to Weather the Potential Storm” Part One (Nov. 25, 2015); Part Two (Dec. 9, 2015).

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