Lynn Peachey is an expert in cyber insurance, currently serving as the Director of Business Development at Arete Incident Response, a company in the cybersecurity insurance space. In addition to the last eight years in cybersecurity, Peachey earned her two bachelor’s degrees from Rutgers, one in psychology and another in industrial relations and earned her JD from Pace University’s Elisabeth Haub School of Law. Peachey also holds adjuster licenses in multiple states, including New York, California, Texas and Florida.
Ransomware attacks are always increasing and we have seen ransomware hit some of the largest organizations and most critical industries, including the recent attack on Colonial Pipeline. As the cyber threat landscape has grown exponentially more complicated, the insurance industry has endeavored to catch up and keep pace with their policies, yet many organizations still remain uninsured and vulnerable to attack. Lynn Peachey, Director of Business Development at Arete Incident Response, breaks down the basics of cybersecurity insurance:
“Cybersecurity insurance is an insurance policy that’s designed to indemnify, and in some cases defend, an insured organization against risks associated with maintaining digital environments, networks, assets and data. There are several types of policies in this space: standalone cyber policies, which indemnify organizations against first-party risks … There’s also more robust what I like to call 360 type insurance policies in the cyber world. And these are supposed to protect against the gamut of risks that can happen in an incident.”
In this episode of Cybersecurity Unplugged, Peachey discusses:
- What cybersecurity insurance is and what it covers;
- What would have happened if Colonial Pipeline had been insured;
- Risks, rates and trends in the insurance industry.