Answer cyber insurance questionnaires, implement missing controls.
What are the benefits of getting cyber insurance?
Cybersecurity insurance provides financial coverage in the event of a cyberattack. A good policy can help with the costs associated with remediation and recovery of impacted systems.
Who needs cyber liability insurance?
Businesses that store or process sensitive information such as customer names and addresses, Social Security numbers, medical records, and financial information.
Questions for cyber insurance provider:
What is the cost?
What incidents will the insurance cover?
Are any specific incidents excluded?
Which business obligations do you need to comply with?
What is the Response time if a breach occurs?
Would the insurer modify coverage due to the changing nature of cyber-attacks?
Common cyber insurance coverages
First-party coverage: Losses related to data breaches, network security failures, and cyber extortion.
Third-party coverage: Losses and damages that affect third parties, such as customers or clients.
Business interruption coverage: Losses related to business interruption or downtime resulting from a cyber incident.
Cybercrime coverage: Losses resulting from criminal activities such as fraud, theft, or cyber extortion.
Network security liability coverage: Losses resulting from liability claims related to network security failures or breaches.
Privacy liability coverage: Losses resulting from liability claims related to the mishandling of personal information.
With cyber insurance coverage do I need cybersecurity controls?
Yes, cyber insurance is not a substitute for implementing effective cybersecurity measures. Without proper controls in place, the costs of a cyber incident can exceed the coverage provided by insurance. Insurance companies require proof that reasonable cybersecurity controls are in place and may deny coverage if it is determined that the business did not take reasonable steps to protect against the incident.
How can Careful Security help you?
Careful Security can help you get the right cyber insurance and identify and implement any missing security controls that can prevent you from getting the right cyber insurance coverage.