How Can I Ensure Cyber Insurers Will Pay My Claim?How Can I Ensure Cyber Insurers Will Pay My Claim?

To get the best out of your policy, do more than just sign on the dotted line.

September 23, 2019

1 Min Read

Question: I bought cyber insurance, but I still worry. If I experience a breach or other security incident, how will the cyber insurance company be likely to weasel out of paying my claim?

Jeff Wichman, practice director, enterprise incident management at Optiv: In most cases, your cyber insurance company isn’t going to weasel out of paying a claim. My advice is to be prepared!

Your provider is going to have a specific process/requirement for engaging with them and outside resources for an incident. Follow that process, and take these steps to be better prepared:

Validate with your provider that your preferred partner is approved as either an on-panel or off-panel firm you can work with.
Update your incident response plan to include when and how to engage with your claim process. Now is the time to start building that into your documents.
Test, test, test your incident response processes using an applicable scenario-based exercise with your trusted third party. This can help you identify gaps in your efforts.

Do you have questions you'd like answered? Send them to [email protected].