Cyber insurance can be an effective way to transfer cyber risk. It can also be prohibitively expensive and surprisingly lacking in meaningful coverage. At AIB Partners we can help you assess your need for cyber insurance as well as tailor your coverage to maximize your risk reduction.
The world of cybersecurity is always evolving and the data regarding the costs of prior incidents can be hard to come by. As a result, cyber insurance can be difficult to price and will often contain many technical and specific exclusions. As the threat landscape changes it is imperative that you re-asses your need for coverage. Maybe now is the right time to purchase your first policy. If you already have coverage, it may need to be reviewed in light of new threats or types of attacks. We can help make sense of the technical and legal details to make sure your coverage fits within your risk portfolio.
At AIB Partners we use a four-step process to determine the best cyber insurance coverage for your business: asses, evaluate, manage, and measure.
Asses: what information do you hold, what regulations apply to your business, and what is the potential cost and impact to the business if that information is lost?
Evaluate: do you need cyber insurance? If so, what types of costs, expenses, and damages require coverage?
Manage: research, identify, and negotiate a policy that best covers your business.
Measure: conduct a regular review and update prior policy decisions when time or conditions sufficiently change.
If you have questions about cyber insurance please contact us using the form below.