Today, D&O and cyber security insurance are increasingly valuable for protecting CISOs and their companies, as well as for attracting and retaining top-tier CISO talent. Nonetheless, many employers still lack appropriate coverage. Credit: Gorodenkoff/Shutterstock.com
With escalating cyber threats and increasing legal and financial risks, chief information security officers (CISOs) are on the front lines of protecting their organizations' digital assets and ensuring compliance with regulations. As cybercriminals have upped their game, CISOs now face greater likelihood of legal scrutiny following a significant breach. Accordingly, employers may need to revisit their insurance to protect these key executives and their organizations.
Consider: Uber's former CISO, Joseph Sullivan, recently was convicted after the Department of Justice brought charges in federal criminal court stemming from his role in the 2017 Uber data breach and failure to disclose it. In addition, Solarwinds was involved in a $26 million settlement of a shareholder class action suit paid by its directors and officers (D&O) liability insurance. The suit named its CISO and alleged violations of the Securities Act.
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