Cyber Insurance Compliance

With an alarming uptick in data breaches and ransomware in recent years, an increasing number of businesses have opted to add Cyber Risk Insurance to protect themselves from catastrophic loss.

 

But as the threat landscape continues to expand, many insurance companies are restricting payouts by creating more claim exceptions and exclusions. Some of these are clearly stated, while others are hidden within confusing policy applications. This leaves many policy-holders vulnerable to holding the short-end of the stick when the insurer looks to disqualify a claim.

 

We help ensure that companies with Cyber Risk Insurance actually get paid in the event of a claim by automatically verifying the accuracy of information submitted on the original insurance application and then documenting on an ongoing basis, that the business has used “due care” to reasonably secure their computer network against a breach.

Unlike other types of compliance, there is no official “standard” when it comes to Cyber Insurance Policies. Each underwriter creates its own unique definition of coverage and set of exclusions. These requirements are governed by application questions submitted by your when you apply for Cyber Insurance coverage along with the terms & conditions stated in the carrier’s insurance policy.

 

We have compiled the application forms from all the top cyber insurance carriers, extracted the technical requirements and built them into the Cyber Insurance Compliance approach.  Using Cyber Insurance Manager dramatically improves your potential insurance claim by providing hard evidence and documentation of the Due Care you performed to secure the environment, a requirement under all cyber insurance policies.