McGill's Fort: Hacking Costs Go Beyond Ransom Demands

The video discusses cyber security insurance, emphasizing the need for tailored policies to address specific risks. It highlights the challenges in assessing the monetary costs of cyber risks, using examples like the Colonial Pipeline ransomware attack. The importance of preparation, prevention, and having access to the right vendors is stressed, as these can mitigate the impact of cyber incidents. The video also notes an increased focus on cyber security post-COVID, with more companies recognizing it as an enterprise-wide risk.

What is the primary product offered to address cyber and security risks?

• Health insurance

• General liability insurance

• Cyber insurance policy

• Property insurance

How are cyber insurance policies typically structured?

• Only for large enterprises

• As a fixed package with no customization

• In a modular format for customization

• As a one-size-fits-all solution

What is a significant challenge in assessing cyber risk costs?

• Lack of available data

• Complexity of business interruption costs

• Difficulty in quantifying extortion demands

• Inability to predict future attacks

Why is there a better focus on cyber security now compared to the past?

• Technological advancements

• Government mandates

• Decrease in cyber attacks

• Increased press coverage and global impact

What role does cyber insurance play in a company's preparedness?

• It eliminates the need for other security measures

• It provides access to necessary vendors and resources

• It guarantees no cyber incidents will occur

• It only covers financial losses