Five Ways to Maximize Cyber Insurance Benefits

Businesses buy insurance and then they expect the insurance company to pay when they make a claim.

Sometimes that happens but when it comes to cyber insurance, too often it does not. But, there are things you can do to improve your odds.

First, make sure everyone understands all of the security requirements of your cyber insurance policy. These policies have a lot of requirements and details are very important. Failing to create, implement and follow required processes will almost certainly cause your insurance carrier to deny your claim.

Next, you need to complete a comprehensive assessment of your compliance. The purpose is to see where you are with compliance with the security requirements of your policy. This will allow you to identify risks and security gaps. It needs to cover a wide range of cybersecurity and business process areas.

Third, you need to remediate the issues that you found. Remediation is both smart and necessary to remain compliant with the terms of your insurance.

Next, document, document, document. You need to be able to show what you are doing to remain compliant with the insurance requirements. Again, without documentation it is much more likely your claim will be denied.

Finally, you should review your policy details periodically. This means several times a year. If you don’t do that you won’t know when your policy is outdated and needs to be updated or replaced. You also won’t know if you are paying for something that won’t meet your needs.

Then you need to start over again. Rinse and repeat.

If you need help with this, please contact us. We can review your policy and your current practices and build a plan to get compliant. We can also help you work through the process.

Credit: Rapid Fire Tools

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