12 Tips for Securing Cyber Insurance Coverage

As cyber insurance grows more available and popular it is also becoming increasingly complex. Our slideshow offers guidelines on how to get insurance, get decent coverage, and avoid limitations in coverage.
Baselines for Coverage
You Get What You Pay For
Establish A Culture of Security
Choosing the Right Insurer
Avoid Coverage Limitations
Retroactive Coverage/Prior Acts
Breach Continuation
Defense/Settlement Provisions
First Party Restrictions
Third Party Acts
Business Email Compromise
Regulatory Fines and Claims

Cyber Liability Insurance, or cyber insurance, can help protect your organization from the financial ramifications of a successful attack on your data systems, which might include the theft of customer data from your servers. There’s still a lot of confusion around what’s required to get coverage, what it takes to get good rates, and what it takes to ensure a claim will be paid. Some might question whether or not a claim will even be paid given some policies may not be up to snuff when it comes to covering some events such as email attacks.

It’s possible that all of this confusion is introducing some risk to both sides of the bargaining table – insurer and insured. The good news is that the focus on risk is good for all, as it is forcing organizations to look at their risk in light of their use of technology and tech-connected partnerships, thereby raising the cybersecurity posture across the board.

Note: imsmartin would like to thank Thomas Conway, Principal, Ernst & Young LLP, William Dixon vice president, Stroz Friedberg, Howard Miller of LBW Insurance’s Tech Secure division, and Mimecast for their research.

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