We provide our clients, their insurance broker, and technology teams with financial exposure and external security deficiencies to have an enhanced risk based conversation.
Establishing Cyber Insurance limits
Cyber Insurance Policies are not all the same.
Protecting your company’s assets
Protection is essential.
Not all industries have the same risk.
Leverage technology and process to help enhance the security posture.
Cyber Insurance policies are only effective when they represent the true liability of the institution. We benchmark companies against their peers and quantify their true risk eliminating critical mistakes with Cyber Insurance.
Industry reports show that over 80% of companies today are underinsured with their Cyber Liability Limits. We provide a true liability benchmark giving companies confidence with their insurance policy coverage.
Several industry reports have shown that companies are as much as 3,000% below their needed insurance limits.
A recent breach has contributed to a $2.5 billion loss of a major health company. Their estimated loss at the time of the breach was $1 billion. Third party damages and business interruption losses are major misconceptions when assessing cyber damages.
Insurance Carriers and policies are not all the same. There is no standardization with Cyber Insurance Policies. Coverages vary by industry and fluctuate with exclusions, deductibles, and sub-limits. Many companies have cyber policies which can be strengthened by examining other insurance carriers, aligning coverages, and implementing current security standards.
Mistakes are made when policies are not thoroughly examined, and exclusions are missed. Many policies exclude sub-contractors from their professional policies, leaving the burden uncovered. Certain risks which appear to be cyber concerns are actually covered by a Comercial Crime policy. With business email compromises (BEC) there is a fine line on what is covered. Social engineering claims have risen and continue to rise due to Artificial Intelligence (AI) and Generative AI used by cyber criminals.
We further support our clients insurance brokers with our program assisting them with insurance limits and their submission process.
Cyber Insurance can be tricky. Property Insurance is standard and based on a statement of values. This is a missing assessment that many CFO’s make when acquiring Cyber Insurance.
Companies are often misled and base their insurance limits adhering to client and vendor contracts. Being “in compliance” is not the same as being properly insured. When client and vendor contracts require insurance limits it is to protect them not you. These requirements should never be used to establish a company’s own cyber insurance limits.
We measure true financial exposure through extensive quantification and peer benchmarking, ensuring the right coverage. 1st and 3rd party damages need to be fully evaluated. Even when benchmarking is used, there is always a chance of a catastrophic loss which can exceed a policy limit.
Security is an often-misguided term. Companies with excellent security fall victim to attacks every day. The major cyber-attacks and breaches that occur in the news are all well-known companies with excellent cyber security. If fortune 500 companies can be breached on a regular basis, we must be vigilant with all our processes.
Cyber Risk Quantification (CRQ) is a measurement of the financial impact you will bear from a cyber-attack or data breach. It helps companies to comply with regulatory requirements but does not dictate what your Cyber Insurance limits should be.
We measure companies from outside their domain with a possible 50,000 cyber threats scenario to quantify their vulnerability. We also benchmark their defenses against their industry peers, providing them with a much broader perspective.
Our data base contains 200 million industry indicators, providing a wide understanding of corporate liability. A network of approximately 45,000 unique technologies and services support our team with broad industry expertise.
Expenses caused by cyber-attacks vary in every industry.
Your Cyber Insurance should be written with an insurance carrier that has specific experience with your inherent risks. Not all insurance carriers are the same.
Through our CARE program, we deliver insightful guidance and proactive support, addressing compliance requirements and mitigating risks before they become issues. By partnering with your Technology Team, we help with remediation services and ongoing managed support to ensure your technology infrastructure remains secure and optimized, allowing you to focus on your business goals. With the CARE Team, you gain a trusted partner dedicated to your success and peace of mind.
We do not provide insurance. Our team has over 15 years of writing Cyber Insurance, offering Our expertise to assist Clients and their insurance brokers with assessment, benchmarking, and risk evaluation.
Our program and practices do not require any insurance broker changes. We are evaluating the Clients’ policies and processes to assist the broker
We recommend that companies of all sizes conduct an evaluation and assessment. Our clients range from mid-size to enterprise-level organizations.
The average CARE Report takes about 4-5 weeks to complete. This depends on the size and complexity of the client.
Underwriters favor companies with strong security measures. Our CARE Report identifies security deficiencies and enhances your security posture, making your company more attractive to insurers and potentially lowering your premiums.
The best time to engage is now. With over 3.8 Million Cyber Attacks daily, immediate action is crucial to stay ahead of cyber threats. Cyber Criminals and Malware do not rest, neither should you.
We engage directly with the client, and partner with their insurance broker and technology teams when building the solution.
Requesting a CARE Report is essential as industry data reveals that 80% of companies are underinsured for cyber risks. Our report goes beyond compliance, identifying real security gaps and enhancing your overall security posture.
