Implications for Cyber security Stakeholders
The implications of the cyber security raise several questions that need an exhaustive examination from governments and other stakeholders. Some of these questions have been noted by the project 2020 initiative of the International Cyber Security Protection Alliance (ICSPA), such as who owns the data in networks and who secures the joins between services, applications, and systems (Cyber Security Protection Alliance, n.d ).
Perhaps the most crucial to answer is who covers and recovers the losses both financial and regarding data recovery. Understanding who covers the loss of cyber-attack in terms of finance and data can help prepare and formulate strategic solutions for cyber security. This is the most important question to examine given that the worst effects of a cyber-attack are loss of money, tarnishing of the organization’s name and loss of customers. The increased cyber-attacks have resulted to a faster growing cyber insurance industry as high profile attacks fuel demand.
Insurance plans like the First Cyber Risk Insurance allows the victim to recover information and income that may have been lost due to a data breach. This policy includes theft and fraud and covers the loss of the policy holder’s data resulting from cyber-attacks. A forensic investigation on the other hand covers the legal and technical forensic services and examines the impact of the breach while business interruption insurance covers lost income when the insurer is capable of doing business after an attack.
Another type of first-party cyber risk insurance is the computer data loss and restoration that covers any physical damage experienced during cyber-attack. There are several third party insurance covers that insure the policyholder of the liability to a client’s or government after an attack. These types of cover range from litigation and regulatory and notification costs insurance
References
International Cyber Security Protection Alliance. (n.d). Project 2020. Scenarios for the Future of Cybercrime -White Paper for Decision Makers\ European Cyber Crime Center
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