Insurance helps a business like yours manage your exposure by providing financial payments to cover potential losses that you may not be able to afford if they should occur. This allows you to continue to operate when risk may be too great, as well as acting to soften financial burdens that could arise due to a covered event.
Cybersecurity insurance (or cyber insurance) provides coverage for losses due to cyber attacks, data breaches, or other tech-related risks.
Our team does not sell cyber insurance. However, we work with companies like yours to, provide consulting services that support you in navigating the IT systems and processes side of applying for cyber insurance, and in maintaning of those systems in line with the expectations of your insurers.
What can a typical cyber insurance policy
cover? The costs associated with:
- Incident response
- Post-threat event Investigations
- Ransom Demands
- Notifying customers about the exposure of PII, PHI or PAN
- Credit monitoring
When you apply for cyber insurance, the
underwriter may want information related to:
- Your company
- The individuals managing the IT and data for your business
- Assessment audits performed by third parties on behalf of the insurer
Based on the insurer’s risk assessment of your business, the insurer they will propose a coverage limit. Often, the coverage starts at $1 million per occurrence or an aggregate per year limit. Depending on your business, this may or may not be enough. Our consultants can help you think through this and dozens of other variables.
Assisting you with the insurer’s request for information.
- Assets (physical and data)
- Current security controls
- Previous cyber events
- Prior cyber liability claims
- Process and documentation
You still need IT specialists on your side after your new cyber insurance policy is signed.
Getting the policy is the easiest part of a very complex process. If needed, filing a claim is the hard part. Our team works to assist you in the following:
- Maintaining your security controls in accordance with the policy you’ve signed
- Implementing a recognized cyber security framework
- Demonstrating due care to the insurer
- Keeping documentation, audits, reports, and anything else that can prove things are as they should be