Cloud Security Podcast by Google EP151 Cyber Insurance in the Cloud Era: Balancing Protection, Data and Risks
Dec 4, 2023
In this insightful discussion, Monica Shokrai, Head of Business Risk and Insurance for Google Cloud, dives into the evolving landscape of cyber insurance in the cloud era. She explains how cloud technology alters traditional cyber risks and challenges insurers' understanding. Monica highlights the importance of threat patching incentives and the emerging InsurSec model that links real-time security metrics with underwriting. She also addresses concerns over policy payouts, actuarial data development, and Google's Risk Protection Program aimed at enhancing risk assessment.
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What Cyber Insurance Actually Covers
- Cyber insurance covers financial loss from cyber events, including first- and third-party costs.
- It funds investigation, response, repair, notification, and liability costs tied to breaches or outages.
Don't Rely On Insurance To Build Security
- Do not expect insurers to fund building a security program from scratch after a breach.
- Expect insurance to make you financially whole, not to upgrade you to a better baseline than you had before.
Policies Don't Care Where The Loss Occurred
- Insurance policies are infrastructure-agnostic and can respond whether a loss occurs on-prem or in cloud.
- Cloud changes the risk profile, so insurers are starting to account for cloud-specific differences.