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If you think that cyber liability insurance is no longer optional but it is a critical safety net for any enterprise that handles sensitive data, then you are right.
There are many sectors and also departments that need cyber insurance very badly. Regulated industries like financial services, healthcare and legal services are one among them. These services operate under strict data protection and cybersecurity compliance frameworks. A single breach can cause a lot of financial damage and also lead to civil lawsuits and reputational damage.
The retail and ecommerce businesses that process online payments, run customer loyalty programs are highly targeted by cybercriminals. Some of the common attack vectors for these businesses are ransomware, credential stuffing and API based frauds. A nicely covered policy can help cover data breach insurance costs, notification requirements and fraud investigations. They will also provide legal support and crisis communication aid.
Another sector that is increasingly becoming vulnerable to operational technology attacks are the manufacturing and energy companies. It is crucial for companies under this sector to avail business cyber insurance consultation service because any cybersecurity issue will halt production lines, trigger safety incidents, and result in business interruption losses.
Even SaaS providers and startups must consider cyber insurance coverage. Since organisations under these sectors handle a lot of sensitive data and also deal with cloud-based operations any kind of vulnerability or supply chain compromise could be catastrophic. It is in these kinds of emergencies that cyber insurance can help fulfil liability obligations and also recover costs.
Cyber risks can affect industries of all sizes and industries due to the fact that everything is interconnected these days. Not just huge firms, even small firms face third party liability risks. If your organisation deals with data or relies on the cloud for data storage, you will definitely need cyber liability insurance. Not just that, you will also need expert consultation to make it work for your context.
Every business needs to understand what type of breaches and incidents should it look into. It is based on this that they should avail cyber insurance consultation. This will also help you ensure that you are not caught off guard when a real world incident occurs.
Most of the policies will promise to cover first party and third party liabilities.
| First party coverage will include | Third party coverage includes |
|---|---|
| This relates to the cost associated with identifying the breach, containing the threat and also notifying affected parties. | If any client, partner or regulators sue your company, then the cost incurred can be covered under the insurance scheme. |
| Taking help from cybersecurity experts to trace the breach source and also determine the scale of exposure. | If applicable especially under the laws like UK GDPR and Data Protection Act 2018. |
| When cyber attacks happen there will be interruptions in the business setup and there will be loss of income related to this downtime. | Coverage against defamation, copyright infringement, or leaked confidential information. |
| Sometimes companies will be forced to pay ransomware to the attackers and the insurance will help you cover this. | |
| Whatever data that is lost during the attack needs to be retrieved and reinstated and this involves a cost which will be covered under first party insurance. | |
| Expenses related to managing public perception, regulatory disclosures, and customer communication. |
Some other specific data breach types covered usually include credential theft and account takeover, email phishing campaigns, insider threats and employee negligence etc.
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Users secured globally
99%
Of our recent pen tests identified vulnerabilities
59%
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9K
Business risks were remediated last year.
40%
Were access and authentication related issues.
A good cyber insurance package is a strategic risk transfer tool that aligns with your organisation's cyber security posture and business model. We believe that insurance policy should not just be a compliance checkbox. We have structured our consultation process to be data driven and also should be able to maximise the value you gain from cyber insurance.
We follow the stated strategy with our clients.
Risk posture assessment
The first and foremost thing that we do is we analyse your current cybersecurity maturity. This includes vulnerability assessments, audit of security controls, data sensitivity analysis, and incident history reviews.
Insurance gap analysis
The next step we perform is to analyse your existing insurance coverage to identify gaps in the breach coverage, liability caps and also exclusions related to emerging threats like zero day exploits and supply chain attacks.
Policy requirement mapping
With the help of the information received we help your team in selecting the right policy based on your risk appetite and regulatory exposure. We make sure that brokers and insurers are made aware of the technical security postures and help them understand everything in a language they understand.
Pre-underwriting support
There are a lot of documents that need to go hand in hand with the actual procedure of insuring your assets. Our team helps you prepare the documentation needed by insurers. Some of them include risk questionnaires, incident response plans and evidence of security controls. This will help you present your business at low risk and eventually enable more favourable premium and broader coverage.
Post breach advisory
In any unfortunate event of a breach, there is a lot of information that can be retrieved and made use of for the future. Our team helps you activate the policy efficiently and also coordinate with the legal team and insurers to ensure that you receive your compensation and other promised support on time.
We help you make the complex cyber insurance procedure look simple and easy. We distill technical jargon, decode legal clauses, and provide a clear comparison of available policies . This will make sure that you do not overpay or underpay.
Not all policies fit everyone. We help you secure the best policies that go hand in hand with your business model, data types and operational workflows. This will help you align with insurer expectations and also keeps you away from surprises during the time of claim.
There is no need to pay anything more for what you do not use. We help you improve your cybersecurity controls and documentation and make your organisation more insurable which leads to better pricing and broader coverage. It also increases the credibility during underwriting.
All organisations wish to receive a faster claim on an unfortunate event of a breach. Our team at MCS makes sure that you have the right evidence and documents required to file a claim quickly. This will include pre-written breach reports, logs and also security posture summaries.
Cyber insurance should act as a behavioural incentive. It should not be considered as just a financial product. This is where our team at MCS can help you with. With us you can ensure better cybersecurity hygiene and incident planning. Not just that we help you weave in risk management culture across the entire enterprise and not localise to just a few departments.
With us you can confidently move forward with whatever business you are handling as we help you in managing your cyber risks with the right insurance support.
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BlackLine
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Leading provider of cloud software that automates and controls financial close and accounting processes
Monument RE
"Microminder Cyber Security were involved in the initial launch of our online platform and are well placed to move quickly as partners of Monument Re Group. The speed of delivery and communication levels give everything the company needs when working with partners.
The reviews that were undertaken are supported with real-time feedback on dashboards and are fully documented at the end giving full reports and remedial recommendations."
Monument RE
Monument Re Group is a Life Assurance Company
A.R.M. Holding
"Thank you for your exceptional efforts and unwavering support throughout the duration of the project. The support provided by the entire MCS team has been greatly appreciated, and I look forward to collaborating with you on upcoming projects. Thank you once again for your hard work."
A.R.M. Holding
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Please identify the answer you are seeking.
Cyber insurance helps an organisation by covering their financial losses that are resulting from an unfortunate event of cyber attack or security breach.
Cyber liability insurance should be availed by any business that handles sensitive data or has operations online.
Yes. Most of the policies cover for ransomware payments and other related recovery costs.
Not all, but there are some policies that may cover regulatory fines too. This depends on the local laws and policy terms.
Definitely not. Cyber insurance cannot replace strong cyber security practices. It is a risk transfer tool that can complement cybersecurity practices.
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