If Your Customers Need Cyber Risk Insurance, You Need Compliance Manager.
With an alarming uptick in data breaches and ransomware in recent years, an increasing number of businesses have opted to add Cyber Risk Insurance to protect themselves from catastrophic loss.
But as the threat landscape continues to expand, many insurance companies are restricting payouts by creating more claim exceptions and exclusions. Some of these are clearly stated, while others are hidden within confusing policy applications. This leaves many policy-holders vulnerable to holding the short-end of the stick when the insurer looks to disqualify a claim.
Cyber Insurance Manager ensures that companies with Cyber Risk Insurance actually get paid in the event of a claim by automatically verifying the accuracy of information submitted on the original insurance application and then documenting on an ongoing basis, that the business has used “due care” to reasonably secure their computer network against a breach.
Keep Your Customers In Compliance With Their Policy Terms.
Unlike other types of compliance, there is no official “standard” when it comes to Cyber Insurance Policies. Each underwriter creates its own unique definition of coverage and set of exclusions. These requirements are governed by application questions submitted by your customers when they apply for Cyber Insurance coverage along with the terms & conditions stated in the carrier’s insurance policy.
We have compiled the application forms from all the top cyber insurance carriers, extracted the technical requirements and built them into the Cyber Insurance Manager. You can optionally select one or more insurance carriers to create the specific “standard” to which your customer must comply. The Compliance Manager platform does the rest.
Using Cyber Insurance Manager dramatically improves your customer’s insurance claim by providing hard evidence and documentation of the Due Care you performed to secure the environment, a requirement under all cyber insurance policies.
Let’s face it. If your customer is paying good money to cover its losses in the event of a breach, the last thing he or she wants is a battle with the insurance company to collect in the event of a claim. But the truth is, paying a little bit more to run Cyber Insurance Manager regularly also reduces the likelihood that your client will ever need to file a claim in the first place since it proactively discovers and exposes vulnerabilities that you can mitigate to harden your customer’s environment from cyber security risks.
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