Cyber Security Webinar
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Everything You Must Know AboutCyber Insurance
Protect your company from massive financial loss or bankruptcy in the event of cyber attacks.
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Importance of Cyber Insurance
The importance of Cyber Insurance arises from today’s realities:
- many small businesses are the primary targets of attacks;
- most are still underprepared;
- many don’t have an established defense plan or regular employee training
- most are not fully aware of their cyber insurance coverage
- cyber-attacks and ransom demands are increasing
Benefits of a good cyber insurance policy:
- gives better defenses, and remedies;
- improves reputation among customers and partners;
Cyber Insurance Industry Trends
- cyber insurance is rapidly evolving
- divergence in insurance companies
- traditional and established insurance companies are either sticking with their traditional policies are charging extraordinary premiums
- cyber insurance is really becoming its own product, breaking off from being a bundled product
- insurers are demanding more controls to be in place before accepting an application. They’re looking at all the controls
- An accepted application does not mean a successful claim – if there’s a claim, insurers are mandated to conduct an investigation and they will find out the truth of your statements.
Cyber insurance is a rapidly involving industry. At Troinet, we monitor the evolution of cyber insurance trends.
Must-Have Cyber Security Controls
Next, what controls you must have in place? During application, many businesses state that they have such controls in place.
But if a claim happens, the insurers will perform a check and if you don’t really have what you say you have, your claim will be denied.
Here are the security controls that you must have in place:
- Cyber Security and Phishing Awareness Training
- MFA (Multi-Factor Authentication)
- Risk assessments
How we can help you as cyber insurance advisor
- advise you on what’s in your policy and if you are completely covered
- make sure that your application is accurate
- that your representations are well supported by proof
- protections are in place when insurers verify
- we recommend an auditing process to ensure that your policies in place are what insurers look for and will lead to a high acceptance rate
- ensure “utmost good faith” in all written statements
- make sure you have the right coverage and policies
- you won’t pay out of pocket when something happens
The application is what people feel, our assessments are what’s real. And that’s why we normally come in and do these assessments to see what’s going on.
How this Video will Help You with Cyber Insurance?
- Gain peace of mind in the face of cyber security attacks by having the assurance that when worst happens, you will have best financial, legal, and technical support to get back and running again – and all for the price of a cup of coffee or two each day.
- Learn more than just the importance of insurance coverage, but what the best offerings are.
- Establish both pre and post-incident support to make you resilient and better able to withstand any attack that comes your way.
Troinet | 1412 Richmond Road, Staten Island, NY 10304 | Tel.: 718-761-2780