Reduce the risk your business faces from Cybercriminals

Cyber insurance is a huge and complex topic. But it can come down to one question: What is the most cost-effective way to reduce the risks associated with a successful cyberattack? Although our team does everything in our power to protect our clients from the threats posed by ransomware, malware, phishing, etc., no collection of cybersecurity solutions can reduce your risk exposure to zero. To mitigate your business risk to these outliers, we recommend that you invest in cyber insurance. While we do not sell cyber insurance, our team can consult all our clients to help them with their cyber insurance needs, by:

• Helping assess your cyber insurance needs

• Upgrading your cybersecurity posture to meet your insurer’s expectations

• Helping you implement the IT solutions required within the cyber insurance application process

• Maintaining your systems in accordance with your policy’s requirements

Reducing your cyber insurance premiums is about demonstrating a high level of cybersecurity readiness to your prospective insurers. By ensuring you have the right IT systems and processes in place, we may be able to help you in your efforts to gain more cost-effective coverage.

Research has shown that if sufficiently motivated and equipped, hackers can penetrate 93% of company networks.1 To compound the risk facing businesses like yours today, many security executives say that their organizations are unprepared for the threats that lie ahead.

Every business, regardless of size or industry, has a risk profile that must be regularly assessed and continually managed.

Cyber insurance policies are part of how many companies help protect themselves against the financial costs related to successful cyberattacks―ransomware, malware, phishing, etc.

If you’re applying for cyber insurance, your insurer will very likely expect you to complete a full risk assessment as part of their due diligence. This can be complex, but our team can help you navigate the IT technology elements relating to the application and risk assessment process.

Risk assessments performed by insurers typically include a lengthy questionnaire requiring in-depth knowledge in a number of key areas, including:

• Assets (physical and data)

• Current security controls

• Previous cyber events

• Prior cyber liability claims

• Processes and documentation

Our IT professionals can help you work through these areas, and support you in implementing the systems and processes that can help you to qualify for the most cost-effective policy for your risk profile. We can also provide ongoing IT support and cyberservices to help ensure that your systems continue to adhere to the requirements of your insurer. On top of this, if an IT incident does occur, we can work on your behalf to provide the insurer with the documentation needed to support a claim on the policy.