Unlike other types of compliance, there is no official “standard” when it comes to Cyber Insurance Policies. Each underwriter creates its own unique definition of coverage and set of exclusions. These requirements are governed by application questions submitted by you when you apply for coverage.
With an alarming surge in data breaches and ransomware attacks in recent years, an increasing number of businesses are adding Cyber Risk Insurance to protect themselves from a financial catastrophic loss.
But as the threat landscape continues to expand, many insurance companies are restricting payouts (as we've posted about on this website) by creating more claim exceptions and exclusions. Some of these are clearly stated, while others are hidden within confusing policy applications. These practices leave many policy-holders vulnerable when the insurer looks to disqualify a claim.
Our Cyber Insurance Assessment service helps companies with Cyber Risk Insurance to actually get paid in the event of a claim by verifying the accuracy of information submitted on the original insurance application and then documenting on an ongoing basis, that the business has used “due care” to reasonably secure their computer network against a breach.
Read about the true risk of not being paid here.
Stay Compliance With Insurance Company Policy Terms
As stated earlier, each underwriter creates its own unique definition of coverage and set of exclusions. These requirements are governed by application questions submitted by you when you apply for Cyber Insurance coverage along with the terms & conditions stated in the carrier’s insurance policy.
We have compiled the application forms from all the top cyber insurance carriers, extracted the technical requirements and built them into our Cyber Insurance Assessment. If needed, we can even combine multiple insurance carrier requirements to create a specific “standard” to which your company must comply with.
Using our Cyber Insurance Assessment service will dramatically improve the strength of your claim by providing hard evidence and documentation of the "due care" you performed to secure your computing environment, a requirement under all cyber insurance policies.
More Than Just A Safety Net
If you are paying good money to cover your losses in the event of a breach, the last thing you want is a battle with the insurance company to collect in the event of a claim. But the truth is, investing a little bit more on a Cyber Insurance Assessment also reduces the likelihood that you will ever need to file a claim in the first place. By design, the Assessment proactively discovers and exposes vulnerabilities that you can mitigate to harden your environment from cybersecurity risks.
LET US EXPLAIN HOW THE PROCESS WORKS!
Contact us today for a quick 15-minute question and answer telephone call. Along with specific information, we will share samples of the types of reports you should have in your files if the need for a claim arises.