Are you ready for your next cyber insurance renewal? In the not-so distant past, cyber insurance renewals were a simple process, however, that is no longer the case. Renewal applications have become much more in-depth, and it is becoming more common for applications to get denied. Here are 5 things you can do to prepare:
Prepare For Your Next Cyber Insurance Renewal
Bring Your Questionnaire to Your IT Team 60 – 90 Days in Advance
Due to the increase in cyber-attacks, ransomware-attacks, and data breaches, carriers need far more detail about your IT and security program than in years past. You need to bring your renewal questionnaire to your IT team 60-90 days before your renewal is due. You need to give your IT team enough time to properly answer questions about your IT environment, and to make any necessary adjustments. If you bring your renewal to your IT team 1 week before it is due, they won’t be able to fix any issues that come up.
Consult With a Cyber Insurance Expert
Engage a cyber insurance specialist to take a closer look will allow you to have a full understanding of the policy you need or what you might be lacking. CI experts will be up to date with any new technology or requirements to ensure you are not going into your renewal blind. Cyber insurance is a rapidly evolving segment, your typical insurance agent may not be up to date on current requirements or the cyber-attack crisis management services that a good policy will include.
“FifthWall Solutions is a wholesaler focused solely on Cyber Insurance with near-global, direct access to 40+ cyber insurance carriers. In partnering with Aldridge, FifthWall will review your current policy and provide you with insights as to what improvements in your security will allow us to get you better coverage and better pricing for your cyber insurance policy, no matter your industry or risk class. To get started, fill out the form found at the link below.” – Wilson Henry, Cyber Insurance Specialist at FifthWall Solutions
| FifthWall Solutions
Ensure You Are Meeting Current Security Requirements
As carriers have finally caught on to the real risk and cost of cybercrime, they have begun raising their requirements to get an issue or renewal. 5 requirements you need to ensure you can get an issue or renewal are:
- Multi-Factor Authentication (MFA)
- Security Awareness Training & Testing
- Backups (stored on a separate network)
- Endpoint Detection & Response/Managed Detection & Response (EDR/MDR)
- Vulnerability Management
Take a look at our 5 requirements to get cyber insurance blog to see more details regarding these 5 requirements and ensure you are up to date before your renewal. If you’re missing any of these 5 controls, it could lead to your renewal application getting rejected.
Make sure you are getting the right cyber insurance policy.
It is important to understand that not all cyber insurance policies are created equal. Many organizations may think they are covered, but when it comes time to make a claim, they realize their policy is nowhere near adequate. There are two types of cyber insurance policies, endorsements and stand-alone policies. Determining which policy is right for you can be confusing. Do your research to ensure you are getting the coverage you need.
It is not a matter of ‘if’ but ‘when’ your organization will experience a security breach. A good cyber insurance policy is key to making a complete recovery from when a breach inevitably happens. You need to invest the time and energy to make sure that you are properly covered and that you are preparing your company for the upcoming changes in the insurance industry. Watch our latest cyber insurance webinar to get a full picture of the cyber insurance industry today, and where we expect it go.