Cyber Insurance Risk Partners
of businesses are closed 6 mos. after a data breach
of attacks are delivered through email
of businesses have cyber liability coverage
of cyber claims get denied due to non-compliance
Small businesses that have invested in cyber liability insurance are often not aware that they are not fully compliant with the policy requirements. This lack of compliance can have serious consequences, especially when a business tries to make a claim. According to a study by the National Cyber Security Alliance, 60% of small businesses go out of business within six months of a data breach.
When a non-compliant business tries to make a claim, the insurance carrier may deny the claim based on the legal term “breach of warranty.” This means that the policyholder has failed to comply with the terms of the policy and is therefore not entitled to coverage. In fact, a recent study by the Insurance Information Institute found that one in four cyber insurance claims are denied due to policyholder non-compliance.
The consequences of a denied claim can be devastating for a small business. Without coverage, a business may be forced to pay out of pocket for the costs of a data breach, which can quickly add up to hundreds of thousands of dollars. In addition, the business may also face fines and legal penalties for failing to comply with regulations.
To avoid these outcomes, businesses must take a proactive approach to cyber security and compliance. The team at North Bridge provides its clients with the tools and information necessary to stay compliant and avoid denied claims. As a member of the North Bridge Cyber Insurance Risk Partner (CIRP) Program, businesses have access to expert guidance and resources to help them navigate the complexities of cyber security and compliance.
In conclusion, cyber insurance is an important component of a business’s risk management strategy. However, it is not enough to simply have insurance in place. Businesses must also ensure they are compliant with regulations and the requirements of their policy. By working with the team at North Bridge, small businesses can take a proactive approach to protecting themselves and avoiding the consequences of a denied claim.
Will my clients' cyber liability policies actually pay out a claim?
Do my cyber liability policyholders have enough coverage to get them back on their feet?
The only way for a business owner to truly know how much coverage they need is through a risk assessment. A risk assessment evaluates the specific risks and vulnerabilities of a business, and helps to determine the amount of coverage needed to be made whole in the event of a data breach or cyber attack.
North Bridge works with business owners to manage their risk by starting with a comprehensive risk assessment. Our team of experts will evaluate your business’s current IT infrastructure, cybersecurity practices, and overall risk profile to determine the specific risks and vulnerabilities you face. From there, we can help you to determine the amount of coverage needed to protect your business from financial loss in the event of a cyber attack.
Insurance brokers and agents play a critical role in ensuring that their clients are properly managing their cyber risk. Through the North Bridge Cyber Insurance Risk Partner (CIRP) program, insurance brokers and agents have access to our team of experts who can assist them in ensuring that their clients have the right coverage in place. This includes not only ensuring that coverage amounts are adequate, but also that clients are not at risk of claim denial due to non-compliance with policy requirements.
The CIRP program provides insurance brokers and agents with the tools they need to provide their clients with the best possible coverage. This includes full IT management program assessments, cyber insurance compliance assessments, cyber security risk assessments, and more. Our experts will work with insurance brokers and agents to identify any gaps in their clients’ current coverage and provide the necessary resources and management services to fill those gaps.
Do You Have a False Sense of Cyber Security?
There are many common misconceptions about cyber crime and cyber security that can lead business leaders to believe they are fully protected and have a false sense of cyber security.
Are any of these misconceptions part of your thought process?
Why should I become a CIRP?
How do I join the CIRP program?
As an insurance agent or broker, you have a critical role to play in ensuring that your clients are properly managing their cyber risk. The North Bridge Cyber Insurance Risk Partner (CIRP) program provides you with the tools and resources you need to provide your clients with the best possible coverage.
Joining the CIRP program is a simple process. All you have to do is reach out to our team and ask to join. We’ll then verify that your territory is still available and that your firm will be a good fit for the program. Next, we’ll schedule a call to discuss the program, the process of joining, and how the system works. This call usually takes about an hour.
Once your application is approved, our sales and marketing team, along with our technical advisory team, will become part of your firm’s extended team. This gives you access to all of the knowledge, tools, and experience you need to master Cyber Risk Management for your clients.
By joining the CIRP program, you’ll have a competitive advantage in the marketplace. You’ll be able to provide your clients with comprehensive solutions for managing cyber risk, including full IT management program assessments, cyber insurance compliance assessments, cyber security risk assessments, and more. You’ll also be able to increase your bottom line by selling our services to your clients and increasing policy coverage limits.
In conclusion, joining the North Bridge CIRP program is a simple and straightforward process. By reaching out to our team and asking to join, you’ll have access to the tools and resources you need to provide your clients with the best possible coverage and manage their cyber risk. Don’t miss out on this opportunity to increase your bottom line and establish yourself as the local expert in cyber insurance. Contact us today to get started!
Meet With An Expert
Take advantage of a 30 Minute virtual meeting to...
How We Work with Your Existing IT Providers
At North Bridge, we pride ourselves on being able to seamlessly integrate our Confidence as a Service™ into any existing technology scenario that a business may have. Whether a business already has great IT solutions and support in place, is making a transition to new technology, or needs to scale beyond their current solution’s capacity, we can work with them to provide the support and guidance they need.
One of the ways we achieve this is by working with a company no matter what existing contracts or solutions they already have in place. We understand that businesses may have existing contracts with providers for copiers, telecommunications, IT support, cyber liability insurance, SaaS, and other software and solutions providers such as Google, Microsoft, Intuit, etc. We work with these providers to ensure that all the pieces fit together seamlessly and that there is no disruption to the business’s operations.
Additionally, we work with a business’s internal IT support team or existing managed IT services to provide additional support and guidance. We don’t compete with their existing providers, but rather work alongside them to provide a holistic technology and cyber risk management approach. This co-managed approach ensures that the business has redundancy and fills any gaps or needs that may exist in their current solution model.
Our Confidence as a Service™ brings all the solutions together, providing overall management and guidance to ensure that the business is getting the most value from their technology solutions. We provide a comprehensive evaluation of their technology infrastructure, identifying any areas where improvements can be made, and making recommendations on how to optimize their technology solutions.
North Bridge can seamlessly integrate our Confidence as a Service™ into any existing technology scenario that a business may have. We work with a company no matter what existing contracts or solutions they already have in place and work alongside their internal IT support team or existing managed IT services to provide additional support and guidance. Our Confidence as a Service™ brings all the solutions together, providing overall management and guidance to ensure that the business is getting the most value from their technology solutions.