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Determining an organization’s level of cyber risk for insurance underwriting.

Every insurance policy starts with an application, and cyber liability insurance is no different. While the underwriting process in long-established insurance lines is streamlined, this is not the case for cyber liability insurance. Currently, application forms for cyber insurance are not standard and can be complex-often consisting of dozens of pages.

For businesses attempting to acquire cyber insurance, the application process itself can be daunting. However, proper cyber liability insurance remains a vital risk­transfer tool for organizations of all sizes. To ensure your organization has the right level of insurance when it needs it most, it is critical to prepare for the application process itself.

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What Type of Information is Reviewed?

An underwriter's job is to assess risk and determine limits and pricing. Insurers depend on the detail contained in an organization's application including:

  • The basics. Insurers will want to know what industry your organization operates in, as well as how much and what types of information your organization stores.

  • Information security. When it comes to on-site security, underwriters want to know if you have a formal program in place to test and audit security controls.

  • Breach history. During the application process, underwriters will take a closer look at your breach history.

  • Data backup. Knowing how your organization handles data backup helps insurers better understand your level of data loss risk.

  • Company policies and procedures. Communication is important when it comes to reducing your organization's cyber risk.

  • Compliance with legal and industry standards. Failing to comply with cyber-related legislation can be incredibly costly.

How can PAconnect help?

It all starts with a Cyber Risk Assessment.

If your organization needs to assess it’s level of security and/or risk rating for the purpose of cyber insurance, PAconnect is here to help. Contact us for more information on our Cyber Insurance Risk Assessment Services or to arrange an initial consultation.

Give us a call at (724) 838-7526 Or click the contact us button below

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