Should we take out Cyber Insurance?

Posted in: Cyber Insurance 10/06/22

We are often asked about how insurance can help in an organisations overall approach to cyber threat. In truth, during the pandemic the insurance companies seemed to back off this as a product but in 2022 they seem to be pushing the product quite hard.

Cyber Insurance is not a replacement for good cyber defences, as a matter of fact you may find that buried in the small print that if you have not taken adequate measures to protect yourself that your insurer will not pay out.

Cyber insurance can help to cover the costs of returning your operation to business at usual after an incident or cover the additional cost of forensic investigation of the the cause. After a breach it should help protect you organisation with the cost of any regulatory or legal action that is involved.

If you are considering cyber insurance you need to have fully considered your risks and taken appropriate measures to protect your data’s Confidentiality, Integrity and Availability. Then you can see what your insurer can support. This is where subject experts like IT Ambulance come in to their own. We can audit your system security and make appropriate suggestions on Policy, Procedures and Measures to sharpen up your defences and bring you up to a Cyber Essentials or Cyber Essentials Plus level ready to call in the external auditors.

Cyber Essentials accreditation will demonstrate your commitment to data security to your customers, insurers and underpin the ability of your insurer to cover you. Some organisations who achieve Cyber Essentials are actually provided with cyber liability insurance offered as part of this certification through the IASME Consortium.

It is really important to consider cyber threats and your IT Infrastructure as part as an integral part of your organisations approach to risk.

Let us help you read that small print.

Its not unusual for your underwriters proposal to include a lot of subject specific jargon that you are on the hook for. A good IT Company will have the skills and experience to help you make sense of this and avoid pitfalls that leave you vulnerable.

The National Cyber Security Centre (NCSC) have written an excellent guide on Cyber Insurance. Cyber insurance guidance – NCSC.GOV.UK


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