Access, Tune-Up, and Leverage the Value of Your Cyber Insurance Policy

A smart risk transfer strategy can mean the difference between a cost-effective cyber insurance policy that delivers the expected claims payout and a costly policy that leaves you responsible for much of the high costs of a data breach.

How are new carrier strategies changing the way businesses approach cyber insurance?

Successfully leveraging cyber insurance is more challenging than ever. Cyber insurance providers have become more experienced with the relationship between an insured’s information security program management practices and paid claims.

As a result, carriers have set stronger risk management thresholds for obtaining policies, increased premiums and deductibles, and limited coverage. They have also instituted reporting requirements in addition to the communications protocols that must be followed in the event of a covered breach.

That can equate to higher costs and lower value for insureds.

Why work with EXTEND to enhance your Cyber Insurance strategy?

Today, there are many landmines associated with the cyber insurance process that can either impact the availability and price of coverage or lead to a claims dispute should there be an information security incident. We help you identify and address them.

EXTEND Resources helps you effectively navigate the cyber insurance process to get the appropriate protection for your business, risk profile, and budget. A sound cyber insurance strategy can help you reduce the likelihood of and effectively defend a claim dispute.

Cyber Risk Analysis & Disposition: Avoid/reduce risk where possible while targeting insurance coverage to risks that require a financial exposure transfer strategy.

Cyber Insurance Procurement Assistance: Manage policy applications, respond to security assessments, and analyze quotes so you can make the best choice.

Cyber Insurance Policy Management: Review and harmonize policy language with business and security processes to uncover gaps and risks.

Cyber Insurance Breach Communication: Understand and advise on carrier breach communication and policy reporting protocols.

10 Smart Steps to Procuring Cyber Insurance

Successfully navigating today’s cyber insurance market approaches requires smart planning, in-depth knowledge of policy strategy, and savvy risk assessment skills.

Learn what it takes to make insightful choices and get the best protection for your budget.

Benefits of a Smart Cyber Insurance Strategy

1. Achieve Lower Insurance Premiums

By working with EXTEND, we not only help you understand your cyber risk landscape but also guide you in implementing robust security measures. Demonstrating a strong information security program may make you a less risky investment for insurance carriers, potentially leading to lower premiums on your cyber insurance policy.

2. Secure Higher Coverage Percentage

EXTEND’s advisors help you analyze your cyber insurance policy to confirm that it is comprehensive and reflective of the risks you face. By aligning your policy with your unique risk profile and validating that you have robust security measures in place, we help maximize the value of your coverage percentage in the event of a claim.

3. Minimize Monitoring and Program Management Hassles

We understand the complexities of managing an information security program and the associated ongoing maintenance requirements to deter claim denials. Our expertise enables us to simplify these processes for you. EXTEND takes on the heavy lifting of assessing compliance with recognized information security frameworks and maintaining an effective ongoing program.

Don’t wait for a data breach to realize your cyber insurance isn’t aligned with your security program.

Work with EXTEND to tune-up your cyber insurance strategy and avoid claims landmines today