CYGNVS has expanded its Cyber Resilience Out-of-Band Command Center solution to include a liability insurance policy designed to protect the Chief Information Security Officer (CISO) and other senior security and technology leaders. The coverage addresses the growing personal risk these roles face from cybersecurity incidents, regulatory scrutiny, disclosure obligations, and governance responsibilities.
Scrutiny from regulators across the world continues to intensify before and after cyber incidents. Enforcement actions are increasingly involving CISOs and other senior security or technology leaders in their individual capacities, creating financial and legal exposure that may not be fully addressed by traditional corporate insurance programs. The Hitch Partners survey of 625+ CISOs found that 74% of CISOs lack liability protection. For an executive, the cost of legal representation alone can be hundreds of thousands of dollars.
“As the CISO role has evolved from tactical security technology to strategic corporate risk, the CISO’s exposure and liability has increased significantly,” said Jeff Farinich, EVP Technology Services and Chief Information Security Officer at New American Funding. “As a CYGNVS customer, CISO liability insurance being a benefit of the platform is a prudent safeguard to ensure meaningful protection.”
Reflecting the insurance market’s confidence that the CYGNVS platform reduces the impact of cyber incidents, CYGNVS subscriptions now include a dedicated liability insurance policy for key executives at CYGNVS customers. This program was structured and made available to CYGNVS customers by leading insurance broker Marsh Risk and underwritten by an insurance company affiliate of AIG.
The insurance coverage is offered as a benefit to CYGNVS enterprise subscribers at the Premium and Elite levels. The policy provides $1 million in dedicated Side A Directors and Officers (D&O) insurance coverage, specifically designed for senior security and technology executives, including the Chief Information Security Officer (CISO), Chief Information Officer (CIO), Chief Digital Officer (CDO), Chief Technology Officer (CTO) and Chief Product Officer (CPO). Additional limits in excess of $1 million are subject to additional underwriting reviews and other factors.
“While the cybersecurity and regulatory landscapes continue to evolve, the need for dedicated insurance coverage for senior security and technology executives has never been more clear,” said Steve Kammann, Chief Underwriting Officer, North America Financial Lines, AIG. “We specifically designed the Side A D&O policy to help leaders navigate their evolving liabilities and we are pleased to partner with Marsh Risk and CYGNVS to make the coverage available to CYGNVS subscribers.”
“Liability exposure has been a critical concern for CISOs, and addressing it requires bridging the worlds of cybersecurity and insurance,” said Arvind Parthasarathi, Founder and CEO of CYGNVS. “Working with our partners at AIG and Marsh Risk, CYGNVS is proud to include this insurance program within our cyber resilience platform that helps organizations prepare, practice, respond, and reduce the business impact of cyber incidents.”
CYGNVS does not broker or underwrite insurance nor provide legal advice, and all policy terms and claims are administered by AIG and offered through its authorized distribution partner, Marsh Risk. Coverage is subject to underwriting requirements and actual policy language.
For more information on CYGNVS CISO Liability Insurance Coverage, visit the website here.
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