How to get better cyber insurance terms
Cyber attacks are becoming increasingly common and costly, making cyber insurance an essential part of any business's risk management strategy. However, cyber insurance can be expensive, and it can be difficult to get the best terms. Here are a few tips on how to get better cyber insurance terms from an insurer:
- Cyber-Security
- Claims history
- Transparency
- Incident Response
- Use an experienced insurance broker
Cyber Security
One of the most important things you can do is demonstrate your commitment to cybersecurity. Insurers want you to show that you have or are taking proactive steps to reduce your cyber risk.
This includes but is not limited to:
- Having robust IT security policies and procedures in place
- Having a well-defined Privacy Policy and data security policy that demonstrates that you take the storage of data seriously
- Investing in cybersecurity technology and training for employees.
- Cyber Security qualifications or experts within the team or support from third-parties.
Claims history
Like any insurance cover, an insurer will look at your claims experience and take a view on how the business controls its risks.
So if you have been a victim of successful cyber events then an insurer may take a dim view of this, particularly if you have not put any new cyber security measures in place since the event.
Transparency
We always recommend that being open and honest about your circumstances is the best cause of action. Not only does it mean that the insurer is aware of any vulnerabilities you may have within your systems, but it also means they know about the work you are doing to prevent cyber events from happening in the first place.
Intentionally withholding information can result in the insurer refusing your claim.
Incident Response
Your business continuity plan should reflect all the risks that your business faces, that includes cyber events too.
Being able to demonstrate how you respond to a cyber event, is an important element of showing an insurer that you take cyber security seriously.
Use an experienced insurance broker
Companies should work with an experienced broker who understands the cyber insurance market and can help them identify the most suitable coverage options and insurer to work with.
We work with the leading UK cyber insurers and can support you in presenting a more favourable risk profile to insurers by providing additional information and supporting documentation.
Not only that, but we can also provide you with a cyber quote indication, before needing to complete a full and details proposal form.