Protecting Your Mission: What You Need to Know About Cyber Liability Insurance
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- Protecting Your Mission: What You Need to Know About Cyber Liability Insurance
Two Key Challenges of Cyber Insurance
Determining Coverage and Limits
Estimating how much coverage you need is pretty straightforward, but without conducting a Financial Cyber Impact Assessment, it’s nearly impossible to know what a breach might cost your organization. Insurance agents simply do not have the tools necessary to determine how much you actually need or if you’re actually compliant and stay compliant with the policy requirements. The average cost of a cyber incident across industries and regulatory compliance standards is $4.5 million, click the tabs below to see examples of costs that drive companies out of business every day…
The time during which your services are disrupted, potentially halting all operations. Average downtime is around 20 days.
The estimated financial impact of lost donations, grants, or revenue during downtime.
Wages for staff unable to perform their duties due to operational disruptions caused by the cyberattack.
Costs for legal representation to address compliance issues, regulatory investigations, or lawsuits following a data breach.
The expense of hiring forensic experts to determine the scope of the breach, identify affected data, and recommend corrective actions.
The cost of notifying affected individuals, setting up call centers, and managing communications about the breach.
Expenses for offering credit monitoring and identity theft protection services to individuals impacted by the breach.
Fines imposed for violations of data privacy laws like HIPAA, GDPR, or state-specific regulations.
The out-of-pocket expense you must pay before your cyber liability insurance covers the remaining costs of a claim.
Legal and settlement costs if a group of affected individuals files a class action lawsuit against your organization.
Policy Exclusions and Renewal
Many CLI policies have exclusions that could leave you vulnerable. For example, insurers might reduce your coverage if a software update (a “patch”) hasn’t been applied in time. One policy might reduce the $1M coverage limit to just $100K after a 365+ day “period of neglect.” These exclusions are common, so understanding your policy’s fine print is critical. Below is an example of how one carrier reduces their policy coverage limit from $1M to $100K due to the policy holder not updating software for more than 365 days…
How to Navigate Cyber Insurance: No Blind Spots
Imagine this scenario: Your company faces a cyberattack. You file a claim, and the insurer covers the costs (WOOHOO!), but theres a catch – they’re requiring expensive upgrades to your systems, and you have 30 days to get them implemented or they deny coverage altogether. You take out a loan and get it done just under the wire. Then, renewal time comes around, and your premiums skyrocket because you’re now considered a higher risk client… if they even renew you at all.
You need to know what’s covered, what’s excluded, and how limits change over time.
Check Out our Podcast Episode on Cyber Liability Insurance
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The perfect partner for your existing IT support:
Confidence as a Service™ is a comprehensive approach to cybersecurity and compliance that can be integrated with any IT managed services provider or internal help desk as a co-managed solution. This approach is designed to provide redundancy and fill in the gaps to strengthen or fix existing solution models, helping to improve overall cybersecurity and compliance for businesses of all sizes.
By working in tandem with existing IT support providers, internal help desks, and other solution providers, Confidence as a Service™ can provide a comprehensive solution that takes into account all aspects of cybersecurity and compliance. This co-managed solution helps to ensure that all cybersecurity and compliance needs are met and that there are no gaps or vulnerabilities in the system.
Furthermore, this approach provides an additional layer of security and compliance oversight, helping to improve overall risk management and reduce the risk of cyber threats and data breaches. With Confidence as a Service™, businesses can feel confident that their cybersecurity and compliance needs are being met, without the need for extensive in-house expertise or resources.
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Your business is constantly exposed to cyber threats that could damage your reputation, compromise sensitive data, and even bring operations to a halt. Waiting to take action against these threats puts your business at a greater risk of attack. It’s time to take control of your technology infrastructure and protect your business. Don’t wait any longer to get started.
Connect with the WOM Technology Management Group today and take the necessary steps towards securing your business. Our team of experts will get back to you within one business day to begin your journey towards confidence in your technology infrastructure.
Our Confidence as a Service™ model offers a unique approach to technology optimization and cyber risk management. With our comprehensive suite of services, we can help you achieve your business goals and reduce the likelihood of cyber attacks. By working with us, you’ll have access to a team of professionals with years of experience in technology and cyber risk management.
We are excited to work with you and show you how Confidence as a Service™ can revolutionize your business technology infrastructure. Don’t hesitate any longer to make the change your business needs. Contact us now and let’s get started.