In the LinkedIn Cyber Privacy Security Commercial Insurance Group, Rick Betterley has raised a valid question about ‘Cyber Insurance’ but I don’t think he has asked the right question.
The question he has asked is whether cyber insurance needs a new name. On his blog, he has then created a poll where the new name options are:
- Information Security Insurance
- Network Breach Insurance
- Data Breach Insurance
- Privacy Insurance
- Network Security Insurance
My problem with the question isn’t that we don’t need to think much more carefully about how we use the term ‘cyber’; too many of us – me included – can use ‘cyber’ as very vague shorthand for far too many different exposures and coverages.
My problem with the question is that there is nothing intrinsically wrong with the terms in the poll but several of them seem to be dealing with similar issues and there are plenty of other exposures that are omitted from the list altogether.
My view is that we need, as an industry, to establish a common terminology when it comes to dealing with technology â€“ and I am looking for support in this.
At the top of this page, you can see that I have initiated a wiki approach to a glossary. This glossary is designed to bring together insurance and IT terminology, so we can develop better risk management products for technology related exposures and better technology for risk management.
Please go over there, have a look at the wiki and let me have suggestions for additions, corrections, clarifications and whatever else that occurs to youâ€¦