Cyber Insurance Premiums are Skyrocketing
Cyber insurance is increasingly becoming a requirement in many industries; but how will you avoid being denied insurance coverage or paying a higher premium?
Cyber insurance known by other names such as “cyber risk insurance” or “cyber liability insurance” coverage, is an insurance product that enables businesses to cover the costs related to recovery from a cyber security breach or cyberattack resulting in downtime, loss of business, damaged reputation, email compromises, data leaks and more. The cyber insurance industry is evolving fast and the Cyber Insurance company’s list of exclusions is growing even faster.
The misconception and false sense of protection is an overstatement when it comes to cyber insurance. It is crucially important to understand the way cyber insurance works and fully understand the coverage required conditions.
The projection is that the cost of cyber insurance is due to increase by 40-75% in the coming year. That’s alongside a constantly growing threat of ransomware, supply chain attacks, and more.
Cyber insurance companies have paid loads of ransom for their clients (among recovery costs) in the past and therefore are tightening their requirements to approve any application and also reducing their liabilities by denying claims for companies that are not complying with their requirements such as lack of deployment of Multi-Factor Authentication, Email security, Next-Gen Antivirus and firewalls.
We have helped our clients to get cybersecurity coverage and also in some cases successfully reduced their cyber insurance premium.
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Depending on the insurance company and their coverage policies Zero-day, property damage, and hardware such as network appliances, servers, and workstations replacement cost might not be covered!
Did you know that if your company spread malware to your suppliers and vendors you may be liable for damages on top of damages in your organization, therefore may not be covered by your insurance company i.e. you are liable for those costs as well!
In a recent survey, cyber insurance companies have commonly denied many claims based on one or more of these reasons:
- Applicant lied on the application when signed up or renewed insurance
- The applicant did not meet one or more of our IT security requirements
- The security measures were not fully implemented or enforced
- The network contained old or EOL software and OS or they were not on an isolated network segment
- This claim listed in our Exclusion List (see above)
How to comply with Cyber Insurance requirements while lowering your Cyber Insurance premium?
With a Cyber Security Risk Assessment, your organization will be well equipped to know your vulnerabilities so you can plan to fix them in advance and minimize the risk of a costly breach! At the same time, and more importantly it will help you to:
- Gain peace of mind
- Create a safer business environment for your organization, yourself and all of your employees
- Be easily approved for Cyber Insurance coverage
- Pay a lower premium for your coverage
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