Cyber Insurance and cybersecurity controls perform different roles.

Cybersecurity aims to reduce the likelihood and impact of an incident. Cyber Insurance can provide financial protection and specialist response support if an insured incident still occurs.

Cybersecurity controls #

Depending on the business, controls can include:

• Multi-factor authentication
• Endpoint protection
• Email security
• Regular software patching
• Secure backups
• Access controls
• Staff training
• Vulnerability management
• Incident response planning

No single control prevents every cyber incident.

What can Cyber Insurance add? #

Depending on the policy, Cyber Insurance can provide access to:

• Forensic IT specialists
• Incident response services
• Specialist legal advice
• Data breach response
• Crisis communications
• Business interruption cover
• Data restoration costs
• Cybercrime or social engineering cover
• Third-party liability cover

Cybersecurity can affect insurance availability #

Insurers increasingly assess the cybersecurity controls a business has in place when deciding:

• Whether they will offer cover
• What limits are available
• What premium applies
• Whether restrictions or exclusions are required

The controls required vary according to factors such as business size, industry, turnover, systems and the cover requested.

Insurance does not replace IT security. A Cyber Insurance policy should form one part of a broader cyber risk management approach.

Contact our team if you would like to discuss the cybersecurity information insurers may require when applying for Cyber Insurance.