CYBER & DATA BREACH INSURANCE CONSULTING

Cyber insurance protects your business from cyber crime and data breach related loss. Cyber insurance covers financial costs associated with a breach. Cyber insurance is often excluded from a general liability insurance policy, in most cases you are not covered with Cyber insurance. Most organizations find out too late, when a breach has already occurred. Our Cyber Insurance Consultants are ready to assist.

Cyber Security Insurance Consulting

Cyber Insurance Protects Businesses From Financial Loss

Cyber liability insurance protects businesses from the high costs of a data breach or malicious software attack. We provide Cyber Insurance Consulting services to ensure your Firm is covered where your traditional, commercial, general liability, and property insurance policies leave out cyber insurance.

Cyber breach numbers indicate that organizations need cyber insurance. When it comes to breaches, there is no longer an “if”, but “when” – and are you prepared? We recommend cyber insurance as a first step while you advance your security posture. Cyber insurance typically covers expenses related to first parties as well as claims by third parties. Risk Cognizance is a global and premier cyber consulting firm, which provides cyber insurance as a service through multiple partners, to ensure your organization receives the best cyber insurance. We will also review your current Cyber insurance policy to ensure you have the best in place to protect your organization.

Risk Cognizance understands the nuances of how cybersecurity insurance works and which policies are right for your business. We leverage our wealth of experience to help guide you through the process of getting the right cyber insurance policy at the best possible price.

We ensure that your cyber insurance covers losses in the physical world caused by a cyber event. The coverage includes primary coverage for business interruption, first and third-party property damage, physical injury to third parties, products/completed operations coverage, event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.

Cyber insurance offers protection against damages resulting from electronic threats to your computer systems or data. These threats can result in stolen or damaged information as well as expensive liability and recovery costs.

Since it’s impossible to protect clients from 100% of potential threats, having a cyber insurance policy in place will mitigate the impact if and when an incident occurs. It will also introduce a third party (the insurance company) into the mix when assigning risk or transferring risk. A breach may also cause finger-pointing and blaming. Having cyber insurance can introduce an additional resource to help diffuse the disputes of those involved.

We have several years of experience and a full understanding of what is needed in your cyber insurance policy as well as cyber security and cyber security incidents.

Cyber liability insurance and risk management team builds a stronghold of support to confront and protect against developing risks so you are fully prepared. We broker information security services and insurance products to combat and protect against the full spectrum of cyber risks.

Who does cyber insurance cover?

Based on the results of multiple reports, the company profile and scores are shared with insurance underwriters who will then determine if a company is adequately protected to qualify for coverage or make recommendations on what must be upgraded and improved to be eligible. Insurance companies can also use this data to finalize its rates and deductibles.

  • Cyber Insurance & Investigation: A forensics investigation is necessary to determine what occurred, how to repair damage and how to prevent the same type of breach from occurring in the future.

  • Investigations may involve the services of a third-party security firm, as well as coordination with law enforcement and the FBI.

  • Cyber Insurance & Business losses: A cyber insurance policy may include similar items that are covered by an errors & omissions policy (errors due to the negligence and other reasons), as well as monetary losses experienced by network downtime, business interruption, data loss recovery and costs involved in managing a crisis, which may involve repairing reputation damage.

  • Cyber Insurance & Privacy and notification: This includes required data breach notifications to customers and other affected parties, which are mandated by law in many jurisdictions, and credit monitoring for customers whose information was or may have been breached.

  • Cyber Insurance & Lawsuits and extortion: This includes legal expenses associated with the release of confidential information and intellectual property, legal settlements and regulatory fines. This may also include the costs of cyber extortion, such as from ransomware.

WHO NEED CYBER LIABILITY INSURANCE?

Any organization that uses technology to do business faces cyber risk, and therefore needs cyber insurance. As technology becomes more complex and sophisticated, so do the threats we face – which is why every business and organization needs to be prepared with both cyber liability insurance and an effective cyber security plan to manage and mitigate cyber risk. At Risk Cognizance, we understand the complexity of cyber threats and have solutions to help protect your business assets and reduce possible financial losses. We can help you find the right cyber insurance coverage within your budget.

CYBER LIABILITY INSURANCE COVERS DATA BREACHES

Your incident response plan should include a cyber insurance component. Whichever components your policy requires, an incident response plan should be added, so “it doesn’t fall through the cracks” should you face a crisis.

After a data breach or cyberattack, this policy can help pay for:

  • Customer notification expenses

  • Fraud monitoring services for affected clients

  • Legal costs from a client’s lawsuit

Ransomware Cyber Insurance Claims

Ransomware accounted for 41% of all cyber insurance claims, Cyber insurance claims ranged in size from $1,000 to well over $2,000,000 per security incident. Cyber insurance paying claims over the last 5 years has increase drastically, cyber insurance policies have reliably paid claims for ransomware, network interruptions, data breaches, and related liability. Leading insurers handle thousands of claims a year, and US carriers paid cyber claims totaling an estimated $400 million in 2020.

  • Cyber insurance works. For each and every claim we processed, cyber insurance went beyond the promise to pay. It also played a critical role in helping the insured recover operationally.

  • Nothing and no one is 100% secure. Claims were made by small businesses, large businesses, for-profits, and nonprofits — across every industry, despite investmenting in their cybersecurity environment.

  • The root causes of security failures are largely known and predictable. The implementation of basic cybersecurity controls could have prevented a majority of the claims and losses reported to us. No-cost and low-cost controls, such as multi-factor authentication (MFA) and routine out-of-band backups would have eliminated a majority of losses experience

Cyber and privacy insurance is often confused with technology errors and omissions (tech E&O) insurance. In contrast to cyber and privacy insurance, tech E&O coverage is intended to protect providers of technology products and services, such as computer software and hardware manufacturers, website designers, and firms that store corporate data on an off-site basis. Nevertheless, tech E&O insurance policies do contain a number of the same insuring agreements as cyber and privacy policies. Risk Cognizance can help to ensure your organization have the right Cyber Insurance in place.