Governance & Risk Management , IT Risk Management , Video
Don't Make Cyber Insurance Your Only Line of Defense
Fernandez, VP of IT at Bangalore International Airport, on Insurance StrategyWhen choosing cyber insurance, follow the checklist of cybersecurity requirements the prospective insurer provides, but go beyond it to lower your premiums, says Jacxine Fernandez, vice president of IT at Bangalore International Airport Ltd.
See Also: Managed File Transfer: Move Files Efficiently and Securely
"There is no 100% security," Fernandez says, so he recommends that enterprises "do more than what is required. Insurance providers want to know that their insurance policy is not your only line of defense." Otherwise, he says, "You're in for a nasty surprise" if you are hit by ransomware.
In this interview with Information Security Media Group at ISMG's Cybersecurity Summit in Bengaluru, Fernandez also discusses:
- The need to treat choosing cyber insurance with as much care as you would take to choose life or health insurance;
- The elements of cyber insurance coverage, which may include a reporting requirement, ransom demands, recovery of data and handling of media fallout;
- The importance of knowing what your cyber insurance policy excludes.
Fernandez is a risk management, information security and business continuity professional with experience in managing the three segments in complex environments. He has previously worked with the Adani Group, Zain, Bharti Airtel and five other companies across the Middle East and Africa.