This series by Brendan Hogan on why your company needs cyberinsurance and how to shop smart for it addresses the need for cyberinsurance, discusses how to assess your company’s cyber exposure and select the right coverage, explains the application process, and offers advice on how to manage a claim to maximize your company’s insurance recovery.
Yahoo. Target. Home Depot. LinkedIn. Verizon. Wendy’s. Premera. Bethesda Game Studios. Cottage Health System. 21st Century Oncology. Natural Grocers. Drupal. Kirkwood Community College. What do these companies have in common? They’ve all suffered a data breach or cyber-related security incident in recent years. But there are other companies on this list that are not household names. Small- and medium‑sized companies have been affected, too. In this new series, Brendan Hogan describes why organizations today, especially those that aren’t Fortune 500s, should be investing in cyberinsurance.
As the saying goes, there are two types of companies: Those who have been breached and those who have been breached and don’t know it yet. When your company is faced with a cyber-related liability, your position will be greatly improved if you have properly assessed your company’s risk and placed the appropriate coverage. Placing coverage appropriately is a three step process: First, assessing your company’s risk appetite and insurance strategy; second, assessing your company’s cyber risk, and third, placing coverage with the appropriate insurance carrier. In part two of this four-part series, Brendan Hogan offers tips on how to shop smart for cyberinsurance.
Applying for cyberinsurance must be a cooperative effort. More than any other type of insurance, cyberinsurance applications and renewals require detailed input from multiple groups. As a privacy or security professional, your input in a cyberinsurance application can be invaluable to obtaining cyberinsurance coverage without exposing your company to a later risk because of an inaccurate or vague response on an application. When in doubt, explain your answer, even if the insurance application does not seem to have a place to do so. Simply checking the “yes/no” box can pose a potential risk to your insurance coverage, writes Brendan Hogan in part three of this four-part series on cyberinsurance.
Make no mistake, insurance is an asset. Your company purchases insurance to provide financial stability and access to funding to respond to loss or a claim. Cyberinsurance is no different. With any insurance policy, however, accessing your coverage is not always as straightforward as it should be. In the final installment of this four-part series, Brendan Hogan describes how “you can ensure that claims and losses that ought to be covered are more likely to be covered by familiarizing yourself with your insurance policies requirements and complying with the terms and conditions of your policy when submitting a claim.”