The job of a Chief Information Security Officer, or CISO for short, is really tough. They have to protect a company’s private data from people who might want to steal it. But a big court case involving a CISO from Uber shows that these security experts can get into hot legal water if something goes wrong.
Imagine being in a job where one mistake can lead to being sued or even going to jail. Scary, right? That’s why many CISOs would like to have a special kind of insurance called Directors and Officers (D&O) insurance. It helps pay for legal fees and other costs if they’re blamed for a security problem. But here’s the catch: a lot of companies don’t see CISOs as traditional officers, so they often don’t get this insurance.
D&O insurance isn’t just nice to have; it’s super important. Cyberattacks are happening more often and are getting smarter. Plus, the government is watching companies closely to make sure they’re keeping information safe. CISOs are under a lot of pressure and need to know they won’t lose everything if something goes wrong.
Companies that give their CISOs this insurance show that they value their work and want to attract the best people for the job. In fact, a survey said that 38% of CISOs don’t have this insurance, and another 18% don’t even know if they do.
It’s time for CISOs to talk to their bosses and make sure they’re protected by D&O insurance. This is especially true because the U.S. Securities and Exchange Commission (SEC) is really strict about how companies handle security. Not having the right insurance could mean big trouble.
Even CISOs who work at private companies, not just public ones, should be asking about this. The risks are everywhere, and being sued without insurance could be a nightmare.
Some CISOs are so worried, they’re getting their own insurance! But they’d much rather their company provide it. After all, they want to make the best choices for the company without risking their own neck.
Networking groups for CISOs are now encouraging their members to get D&O insurance. They’ve found that after learning about the risks, many go straight to their companies and successfully ask for coverage.
Now, this might all sound super technical and a bit overwhelming. That’s where Diversified Outlook Group comes into the picture. They understand the ins and outs of like D&O insurance and can offer advice and solutions tailored for CISOs facing these tough challenges. If you’re a CISO or an executive needing more insight on how to navigate securing D&O insurance, reaching out can be the first step to getting the protection you deserve.
Interested in learning more about how to protect yourself and your company? Diversified Outlook Group is here to help. Send an email to support@diversifiedoutlookgroup.com for more information.
And for further reading, check out the full article that dives deeper into this topic: www.csoonline.com/article/2512968/if-youre-a-ciso-without-do-insurance-you-may-need-to-fight-for-it.html.
