With attacks on the rise, cyber insurance has become a priority for businesses of all sizes. Meanwhile, carriers are tightening up on their requirements. Knowing the questions insurers are going to ask, and how to answer them, will help your company get the best coverage at the best rates.
On Thursday, March 17th, 2022 I hosted a live session designed to help your organization prepare for the cyber insurance application and renewal process. Insurance and cyber risk experts Chris Hawthorne, Cleary Insurance, and Rob Fitzgerald, Arcas Risk Management joined me for a discussion of: Tough Questions Cyber Insurance Companies Are Going to Ask You.
YOU CAN CLICK HERE TO WATCH THE RECORDING.
During our presentation, we shared the following:
- Changes in the cyber insurance landscape`
- The 10 questions you will be asked by your carrier
- The logic behind these questions
- How to prepare your organization to successfully respond.
Insurers are raising premiums and adjusting coverage to meet the changing marketplace. Cyber insurance pricing in the US increased an average of 96%, year-over-year in the third quarter of 2021. Having a policy in place does not only cover the technical costs associated with a breach. It can also cover ransomware payments, lost revenue, and loss of funds.
But in today’s tight market, the level of cyber security protections you’ve put in place will significantly impact the cost and availability of cyber insurance for your organization. Don’t miss the opportunity to hear from experts on what insurers are looking for, and how you can prepare.
Even if you don’t have time to watch the video, I urge you to review the readiness checklist. Taking a few moments to make sure you have the right protections in place could save your organization a lot of money.
Dave