How Can You Avoid a Claim?

It’s hard to escape just how rapid the growth in awareness around the importance of strong cyber security measures – most definitely including cyber security insurance – has been over the past several years.?

?Indeed, the past few months alone have seen dire warnings of cyber security risks posed by Russia’s aggression both globally and in Ukraine, and many Canadians know someone who was affected by a recent major outage across Sunwing’s system, apparently caused by an attack.?

Even without these high visibility examples, the numbers would speak for themselves: in the United States, according to the Government Accountability Office (GAO) the percentage of insurance clients adding on cyber security insurance has almost doubled from 26% to 47% between 2016 and 2020.?

?Also stateside, the National Association of Insurance Commissioners (NACI) estimated a cyber insurance premium pool as high as $3.15 billion as of 2019.?

The challenge many companies and individuals are encountering is the difficulty in defining cyber security insurance, or more specifically, being able to state what exactly they need covered. Is it the cost of responding to an attack, such as notifying customers whose records have been breached (and possibly paying them for the inconvenience), is it the costs of remediating their network and preventing a future attack, or some of all of the above??

A robust network diagnosis can help to hone in on weaknesses before a damage claim is needed (along the lines of what we were always told about prevention being the best treatment), and can also help you identify which parts of your network pose the greatest vulnerability. In turn, this can result in you getting a fairer quote for cyber security insurance and having coverage for what you actually need covered.?

If you’re still reading along and wondering how you can get a more precise cyber insurance quote that reflects the needs of your network, I want to talk to you. And if the peace of mind of knowing that you’re well enough protected that you are unlikely to ever actually need to file a cyber security insurance claim is priceless to you, I think you may want to talk to me. ?