In today’s unprecedented times, the need for cyber insurance has never been higher. With the significant increase in remote workers and ransomware attacks, managing cyber risk should equate to making sure your company or organization has the right cyber insurance policy in place.
Having the right cyber insurance policy can certainly help make all the difference in how your cyber, data security or ransomware incident is handled and covered or not covered. At the time of need, time is of the essence and not the time you want to learn that you haven’t purchased the right cyber insurance policy.
With more cyber insurance policy choices than ever before, how does a company know which policy is the right one for their needs?
Nowadays, companies are facing a variety of internal and external cyber threats and many attacks are now much more targeted leading to financial damages, supply chain disruption, embarrassment and reputational harm.
While it shouldn’t take a PhD to analyze a cyber insurance policy, working with an experienced cyber insurance specialist broker can certainly help assess whether or not your company has the right cyber insurance policy in place.
The right cyber insurance policy is aligned with your company’s cyber and data security risks. Whether you’re a company that manufacturers products or an educational institution with student data, cyber risk is a huge exposure that needs to be aligned with the right cyber insurance coverages.
Nevertheless, searching for the cheapest policy you can find should not be considered the right policy just because its priced low. Oftentimes, there is a reason why the policy premium is priced so low. This can be due to low coverage sublimits, missing coverages, high deductibles, unfavorable policy conditions and exclusions, etc.
In addition, depending upon your company’s cyber and data security risk exposure, the coverages you require could be very different from the coverages needed by another company which will either increase or decrease your policy premium.
Therefore, cyber insurance should not be viewed as a “one-size-fits-all” policy. Our experienced brokers know how to quickly spot the wrong policy just as fast as the right one. We welcome you to reach out to us for assistance with your cyber insurance coverage questions or to obtain a cyber insurance quote.