In this technology-driven world, nearly every company — large or small — has a cyber risk. In the recent Regional Risks for Doing Business 2019 report, the World Economic Forum has listed cyber attacks as the top risk for businesses.
So, it is a good idea to have cyber insurance for your organization. In the current times, cyber insurance is no longer a niche tool in the market but has advanced to a critical requirement, helpful for risk management.
But, before you go ahead with buying Cyber Insurance, here are the five things that should be considered.
1 Identifying Risks
There are several different types of coverage available when it comes to protecting your business from cyber threats. The associated risks for a business can be both — online as well as offline, which ranges from data breaches to theft of corporate assets.
Also, the requirements can be different based on the type of business. The requirement for a SaaS platform will be totally different from a requirement for an online banking platform. So, to ensure that the insurance that you pick meets your organization’s needs, you first need to identify the specific issues at the initial stage.
2 Understanding Coverage
After identifying risks, the second step is to understand the coverage. Your business’ existing insurance policies might be similar to the new cyber policies and may overlap. On the other hand, some businesses might require a combination of products for comprehensive coverage. So, it is quite important to understand how each product or policy could benefit your organization, just in case you become liable.
3 Be Aware Of The Process
One of the critical things when selecting cyber liability insurance is to understand the claim process. As each of the insurance providers have its own process which is set up for vetting a claim’s authenticity. They also have different general timelines for the funds that can be paid.
So, before finalizing the insurance provider, thoroughly read the claim process and the timeline for getting the funds.
4 Other Perks
While the policies cover monetary relief, there are some insurance providers that offer some extra perks on top of monetary compensation, such as cyber investigators or public relations firms. So, in the event of data breach, you can control the narrative that goes out to the general public.
Finding out whether your coverage includes such services, which can help you manage the aftermath of a breach with more ease and polish, might be beneficial to you.
5 Consult a professional
It is not easy to quantify the damages that result from cyber liability. Evaluating your business’ cyber risks into a financial model is a key step. While this can be done internally, many companies don’t have an in-house team or resources for this.
So, you can consider seeking guidance from a professional broker or field expert who understands both — the world of business and cybersecurity risks.
We at 2BSure offer comprehensive cyber insurance services and have a team of experts that can easily help you identify risks, analyse your requirements, and suggest a solid policy that enables you to operate your business without worrying about cyber risks.
If you are looking for a solution or want to know what might be good for your business, consider our free consultancy offer. To know more, head over to Contact Us page and fill out the form. Someone from our team will reach out to you and arrange a consultancy meet.