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How To Obtain the Right Cybersecurity Insurance for Your Business

By Ngen IT / 2023-08-06 / Topics : Cybersecurity

Securing Adequate Cyber Insurance Coverage in an Evolving Landscape

In today's increasingly digital world, cyber insurance has transitioned from a mere "nice to have" to a critical necessity for businesses. With the rising demand from customers and growing pressure from boards of directors, obtaining comprehensive cyber insurance coverage has become more challenging yet essential. This article explores five expert recommendations to help businesses navigate the process of obtaining the right cyber insurance without overpaying.

Have Basic Cyber Hygiene in Place:
To demonstrate reduced risk and qualify for favorable insurance premiums, organizations must implement fundamental cybersecurity practices. These include promptly patching critical vulnerabilities, securing remote desktops, and implementing multi-factor authentication. Maintaining a strong level of "cybersecurity 101" preventive measures makes businesses more attractive to insurers, leading to better coverage options.

Adopt a Cybersecurity Framework:
Establishing a robust cybersecurity framework, such as those offered by the U.S. National Institute of Standards and Technology (NIST), the Center for Internet Security (CIS), or MITRE, can significantly improve a company's security posture. These frameworks provide clear guidance on strengthening cybersecurity processes and reducing risk, helping insurers assess the organization's security readiness.

Start the Cyber Insurance Process Early:
Given the surge in cyberattacks and subsequent claims and losses, insurers now require more information from businesses seeking coverage. Therefore, it is advisable to initiate the cyber insurance buying process three to six months in advance. Early preparation allows ample time to gather necessary data and respond to insurers' inquiries thoroughly.

Craft a Multi-Departmental Team:
To meet insurers' data requirements, assembling a cross-functional team with representatives from IT, security, finance, and legal departments is essential. Insurers often request detailed responses backed by evidence and hard data. Having a dedicated team streamlines the process and ensures a comprehensive and timely response to insurers' questionnaires.

Understand What Data to Share:
While insurers seek more data than ever, businesses must be cautious about sharing sensitive information like individuals' personally identifiable information (PII). Revealing PII can put organizations at risk of violating data privacy regulations. Instead, focus on providing insurers with relevant details, such as the business's scale, customer record count, and the effectiveness of existing cybersecurity protections.

Obtaining the right cyber insurance coverage has become a critical aspect of modern business risk management. By implementing basic cyber hygiene, adopting cybersecurity frameworks, starting the process early, building a multi-departmental team, and understanding data sharing boundaries, organizations can navigate the complexities of cyber insurance and secure adequate protection for their digital assets. Taking these proactive steps is paramount in safeguarding against potential cyber threats and mitigating financial losses in the event of an attack.

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