A few years ago, cyber insurance could be purchased with minimal form filling and a basic understanding of IT security. Cybercrime has relentlessly increased in business and the effect on IT, recovery Price and cost as well as frequency of aRacks. Rising ransomware aRacks are the key reason our customers seek cyber insurance.
Businesses are choosing cyber insurance either having directly suffered from a cyber-aRack, sector specific and focused aRacks or to balance weaknesses in IT security. Together with increasing flexibility of IT being accessed from anywhere, insurance companies are requiring a far more detailed assessment to the security controls in place prior to the provision of cyber insurance policies. In doing so, they are balancing their own risks and miPgaPng the chances of having to pay out during or aWer a cyber incident.
When completing cyber insurance forms, the amount of information required can appear daunting. Larger businesses generally have the resources and technology in place to manage their own IT security and flex as new threats emerge. Smaller businesses seek the same level of protection and it’s knowing where to start without being overwhelmed.
Cyber insurance providers have recently suffered heavy losses, and this has had a material effect to the number of active providers who are prepared to take on cyber risk. Fewer cyber insurers means less supply and with that a positive effect on premiums which have inevitably increased for the same level of coverage. At the same tine, it is a supplier’s market, and they are becoming more selective as to who they will insure and what information they require. Incremental time and effort fall upon the customer simply to provide sufficient information to qualify for a cyber insurance policy.
We’ve combined the most common security controls that are asked for in cyber insurance proposal forms in 2022 to help focus your priorities, aiding the completion of proposal forms, improving your security position, saving time, and helping you to place a cap on rising insurance premiums.
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