CISOs can now obtain professional liability insurance | CyberScoop<\/title> <meta name=\"description\" content=\"New Jersey-based Crum & Forster recently unveiled a policy specifically designed to shield CISOs from personal liability.\"> <link rel=\"canonical\" href=\"https:\/\/cyberscoop.com\/ciso-liability-insurance-coverage-protection-crum-forster\/\"> <meta property=\"og:locale\" content=\"en_US\"> <meta property=\"og:type\" content=\"article\"> <meta property=\"og:title\" content=\"CISOs can now obtain professional liability insurance\"> <meta property=\"og:description\" content=\"New Jersey-based Crum & Forster recently unveiled a policy specifically designed to shield CISOs from personal liability.\"> <meta property=\"og:url\" content=\"https:\/\/cyberscoop.com\/ciso-liability-insurance-coverage-protection-crum-forster\/\"> <meta property=\"og:site_name\" content=\"CyberScoop\"> <meta property=\"article:published_time\" content=\"2024-11-20T21:02:09+00:00\"> <meta 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js-stickybar\" readability=\"0.82\"> <button class=\"stickybar__close js-stickybar-close\" aria-controls=\"stickybar\"> <svg class=\"icon icon--close\" width=\"21\" height=\"22\" viewBox=\"0 0 21 22\" fill=\"none\"><path d=\"m.822.518-.805.805L9.695 11 .017 20.678l.805.805 9.678-9.678 9.677 9.678.806-.805L11.305 11l9.678-9.677-.806-.805-9.677 9.677L.822.518Z\" fill=\"currentColor\" \/><\/svg> <span class=\"visually-hidden\">Close<\/span> <\/button> <\/section>\n<article class=\"single-article content\">\n<div class=\"single-article__container js-single-article-content\">\n<header class=\"single-article__header \" readability=\"24.514285714286\">\n<div class=\"single-article__header-content\" readability=\"32.806267806268\">\n<ul class=\"single-article__eyebrow\">\n<li class=\"single-article__category\"> <a class=\"single-article__category-link\" href=\"https:\/\/cyberscoop.com\/ciso-liability-insurance-coverage-protection-crum-forster\/\"> <span>Cybersecurity<\/span> <\/a> <\/li>\n<\/ul>\n<p> A new business insurance offering can shield CISOs from personal losses in the event of a lawsuit. <\/p>\n<p>  <br \/>\n<audio id=\"audio-player\" src=\"https:\/\/wp-tts-cdn.api.scpnewsgrp.com\/cyberscoop\/82696\/english.openai.mp3\"><\/audio> <\/p>\n<div readability=\"11\">\n<div>\n<p>Listen to this article<\/p>\n<p>  <\/p>\n<p>0:00<\/p>\n<\/p><\/div>\n<p>  <\/p>\n<p> <span id=\"tts-tooltip\">Learn more.<\/span> <span> This feature uses an automated voice, which may result in occasional errors in pronunciation, tone, or sentiment. <\/span> <\/p>\n<\/div>\n<p>  <\/div>\n<div class=\"single-article__cover-wrap\">\n<figure class=\"single-article__cover\"> <img data-recalc-dims=\"1\" fetchpriority=\"high\" width=\"640\" height=\"481\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance.png?resize=640%2C481&ssl=1\" class=\"single-article__cover-image wp-post-image\" alt decoding=\"async\" fetchpriority=\"high\" srcset=\"https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png 1920w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=300,225 300w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=768,576 768w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=1024,769 1024w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=1536,1153 1536w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=600,450 600w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=224,168 224w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=449,337 449w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=899,675 899w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance-1.png?resize=1123,843 1123w\" sizes=\"(max-width: 899px) 100vw, 899px\"><figcaption> (Image by Mohamed Hassan\/Pixabay) <\/figcaption><\/figure>\n<\/p><\/div>\n<\/header>\n<div class=\"single-article__content\">\n<div class=\"single-article__content-inner has-drop-cap\"> <html readability=\"32.510548523207\"><body readability=\"65.196986006459\"><\/p>\n<p>Professional liability insurance is designed to protect executives against claims of negligence or inadequate work arising from their services. Companies often use these policies to safeguard a business\u2019s financial assets from the potentially high costs of lawsuits and settlements in the event someone alleges executives have failed to uphold their duties. The policies often cover CEOs, CFOs, and other board members, but often fail to include CISOs. <\/p>\n<p>New Jersey-based insurer Crum & Forster is looking to change that. The company recently unveiled a policy<strong> <\/strong>specifically designed to shield CISOs from personal liability. <\/p>\n<p>Nick Economidis, vice president of eRisk at Crum & Forster, told CyberScoop that the company saw an opportunity since CISOs may not be recognized as corporate officers under a directors and officers liability policy, which normally covers executive liability. <\/p>\n<p>\u201cCISOs are in a no-win situation,\u201d Economidis said. \u201cIf everything goes right, that\u2019s what people expect. If something goes wrong, they\u2019re the person that everybody looks at and they\u2019re left holding the bag. Then, there are potentially significant financial ramifications for them because they\u2019re often not covered by traditional insurance policies.\u201d<\/p>\n<div class=\"ad ad--inline_1 \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<p>The policies, which can be obtained on behalf of a company or through a CISO themselves, can cover consulting done for the organization and subsidiaries, as well as moonlighting or pro bono IT security work.<\/p>\n<p>\u201cWe find that it\u2019s not unusual for CISOs to be doing consulting, either on a pro-bono basis or for a fee,\u201d Economidis said. \u201cThat creates an exposure as well, and the policy will also cover that.\u201d <\/p>\n<p>The CISO role is one that is under increasing legal scrutiny, especially after high-profile security incidents. In October 2023, the Securities and Exchange Commission <a href=\"https:\/\/cyberscoop.com\/sec-sues-solarwinds-and-ciso-for-fraud\/\">sued SolarWinds and its chief information security officer<\/a> for failing to disclose poor cybersecurity defenses in the wake of Russian-government-linked hackers breaching its systems. A judge dismissed most of that lawsuit <a href=\"https:\/\/cyberscoop.com\/judge-dismisses-much-of-sec-suit-against-solarwinds-over-cybersecurity-disclosures\/\">earlier this year<\/a>. <\/p>\n<p>The plan offers zero deductible defense costs for immediate and effective protection, along with broad claims coverage, even in criminal proceedings, ensuring CISOs have robust protection against personal liabilities. It also includes targeted regulatory protection to comply with SEC cyber disclosure rules, helping CISOs limit exposure to civil and criminal liabilities.<\/p>\n<p>Economidis says policyholders can typically expect costs to range from $3,000 to $5,000 per insured person, depending on factors such as coverage limits and deductibles. Additional variables, including whether the company is public or private and the company\u2019s years of experience, can also influence the pricing.<\/p>\n<p><\/body> <\/p>\n<footer class=\"single-article__footer\" readability=\"4.3047169811321\">\n<div class=\"author-card\" readability=\"14\">\n<div class=\"author-card__avatar\">\n<figure class=\"author-card__image-wrap\"> <img data-recalc-dims=\"1\" decoding=\"async\" class=\"author-card__image\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/11\/cisos-can-now-obtain-professional-liability-insurance.jpg?w=640&ssl=1\" alt=\"Greg Otto\"> <\/figure>\n<\/p><\/div>\n<p><h4 class=\"author-card__name\">Written by Greg Otto<\/h4>\n<p> Greg Otto is Editor-in-Chief of CyberScoop, overseeing all editorial content for the website. Greg has led cybersecurity coverage that has won various awards, including accolades from the Society of Professional Journalists and the American Society of Business Publication Editors. Prior to joining Scoop News Group, Greg worked for the Washington Business Journal, U.S. News & World Report and WTOP Radio. 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{"id":6339,"date":"2024-11-20T15:02:09","date_gmt":"2024-11-20T21:02:09","guid":{"rendered":"https:\/\/cyberscoop.com\/?p=82696"},"modified":"2024-11-20T15:02:09","modified_gmt":"2024-11-20T21:02:09","slug":"cisos-can-now-obtain-professional-liability-insurance","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/11\/20\/cisos-can-now-obtain-professional-liability-insurance\/","title":{"rendered":"CISOs can now obtain professional liability insurance"},"content":{"rendered":"