Misconceptions of Cyber Insurance

“We’ve got Cyber Insurance, so we’ll be covered if we have a breach” – Don’t be too sure.
 

When applying for Cyber Insurance, many companies simply tick the checkboxes without properly verifying the insurance requirements.

Remember, you cannot insure against brand and reputation damage and loss of trust following a data breach, therefore, cyber insurance should be the last resort in your cybersecurity defences.

Many companies have no real idea of their potential exposure to risk therefore it is critical that you ensure your business is covered for your specific requirements, and with the right level of cover.

Below are 4 quick tips to exercise

1. Conducting an independent formal information security risk assessment will assist your company in identifying your specific threats, thus enabling you to align with your company’s risk management plan

2. Your risk assessment will also assist in establishing how much sensitive information/intellectual property your company holds, whilst identifying the most common threats your company may be exposed to. This will enable you to specifically insure against those risks accordingly.

3. When assessing your company’s risk, selecting the right coverage should also involve the right people. This may include your senior leadership, financial, IT management/provider, as well as your dedicated cybersecurity resource.

4. If you already have cyber insurance, consider reviewing to identify any shortfalls, duplicate coverage and eliminate any potential gaps.

Why choose Cyber Audit Team?

Cyber Audit Team is 100% focused on information and data security — and protecting your business, brand, reputation, and digital assets against internal and external risks across the rapidly evolving threat landscape.

We offer a complete suite of services that go beyond the traditional MSSP approach. Our focus is on small to medium businesses and providing enterprise solutions that are practical, affordable and deliver great value and ROI. Our flexible solutions are tailored to your business no matter where you are in your information security journey and we can help with everything from assessments to incident response. Our team, relationships, and how we work to understand our customer context is key to our approach.

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