Cyber Insurance Assessment
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
Is your Business Ready for Cyber Insurance?
A “yes” is highly unlikely as less than 26% of small businesses have a cyber liability policy and our data shows that less than half of those businesses are compliant with their policies. This means that when claims are made, insurance carriers are denying non-compliant policy holders due to “failure to follow”, “failure to maintain” or even “gross negligence”. Business leaders can confidently manage their cyber risk by obtaining cyber liability insurance. Properly managing your cyber risk will help safeguard your data, brand reputation, the money in your bank accounts and more. insurers require that organizations have taken the necessary steps to strengthen their security posture prior to issuing a policy. For businesses to be eligible for claim pay out after an event, they must show the insurer that they were compliant with policy requirements.
The North Bridge Cyber Insurance Assessment will provide you with the information you need to ensure your business will qualify for an appropriate policy. Ongoing assessments are provided to ensure organizations remain compliant after binding a policy. Further, full-time compliance enforcement can be incorporated to guarantee that business leaders and IT managers are immediately aware when something fails to meet compliance standards.
If you’ve previously been denied cyber insurance, are concerned about retaining your existing coverage, or are exploring cyber liability insurance for the first time, you need the right team of experts on your side to help guide you through the readiness process.
Engaging with the North Bridge risk assessment team means understanding how to protect your business, customers, and systems with confidence.
When is it time to start shopping for a cyber insurance policy?
The North Bridge Risk Management team can recommend a Cyber Insurance Risk Partner (CIRP) to help you with your mission to find the right cyber insurance policy. Cyber Risk Management is a two-sided coin. On one side of this coin are the sectors covered by North Bridge; compliance, cyber security and technology management. The other side of the coin is the insurance field. Selecting the right insurance agent, carrier and policy is an integral part of an organization’s risk management strategy.
There are two problems with going straight to any insurance agent to get a quote for cyber insurance:
- Insurance agents don’t have the tools necessary to give you a proper calculation on how much coverage you’ll need to cover a data breach incident response or a cyber attack.
- Insurance agents can’t truly determine whether your business is compliant with the policy they quote you on. This is not an issue that any business can afford to make guesses or assumptions about.
At North Bridge, we have a nationwide network of cyber risk management-educated and trained insurance agents who will collaborate with our team to make sure that you have a rock solid policy that you’re compliant with and will cover as much of your incident response costs as possible.
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?
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Is Your Technology Meeting Your Needs?
It is essential for businesses to use our assessment process to evaluate the performance of all their technology providers to ensure they are getting the services they are paying for and that their needs are being met by existing solutions. Our assessment process helps businesses to identify areas of their technology infrastructure that may require improvement or optimization and provides recommendations on how to achieve these improvements.
One of the primary benefits of using our assessment process is that it helps businesses to identify areas where they may be overpaying or underutilizing their technology providers. Our assessment helps to determine whether the business is getting value for the money they are paying and whether their current providers are meeting their specific needs.
Moreover, our assessment process helps to identify any gaps or redundancies in the business’s technology infrastructure. This includes identifying areas where multiple solutions may be performing the same function, resulting in unnecessary expenses. Our assessment can help businesses to consolidate and streamline their technology solutions, reducing costs and improving overall efficiency.
Finally, our assessment process helps businesses to ensure that their existing technology solutions are meeting their specific needs. By evaluating the performance of all technology providers, our assessment helps to identify any gaps or inefficiencies that may be negatively impacting the business’s operations. This helps businesses to make informed decisions about how to optimize their technology solutions and ensure that their needs are being met.
Contact Us Today
Don’t wait any longer to protect your business from cyber threats and optimize your technology solutions. Contact us today and one of our experts will reach back out to you within 1 business day.
We look forward to showing you how Confidence as a Service™ will you help you achieve your goals!