Assess your business for Cyber Insurance
Reliance on networks, systems, data, cloud technology, and outsourced service providers brings new risks to a business. Changes to data protection regulation, perception of corporate responsibility and increased media attention upon cyber events have increased focus on the importance of effective network and data security risk management.
When Should A Cyber Insurance Risk Review Be Requested?
A Cyber Insurance Risk Review is particularly useful when business circumstances change; such as if it is upgrading systems or operations, expanding, acquiring or selling. Similarly, changes to claims trends may warrant a review. If the cyber insurances have just been renewed, a Cyber Insurance Risk Review can provide peace of mind, and in some cases identify important coverage issues that were not addressed at the last renewal.
A Cyber Insurance Risk Review Includes Analysis Of:
- Activities undertaken to suitable coverage purchased
- All relevant policy terms and conditions
- Adequacy of the sum insured, deductibles and premiums
- Specified limits and sub-limits for all insured risks
- Review of customer and 3rd party contract provisions
- Policy appropriateness in light of recent claims trends
- The deliverable of a Cyber Insurance Risk Review is a formal report, including a risk analysis (poor, fair, good, excellent) to indicate key recommendations.