Many businesses do not fully meet all their cyber insurance obligations and requirements, leading to denied claims, partial pay-outs, or even policy withdrawal.
Example Scenarios
Claims Denied: Are You Truly Covered by Cyber Insurance?
A £3M denied insurance claim and £1.2M in fines and compensations payments exposed the devasting cost of not fully understanding and meeting cyber insurance obligations. In 2023, a mid-sized business failed to address critical requirements, including updating vulnerable server software within the required timeframe, enforcing MFA on administrative accounts, and implementing effective logging, monitoring and reporting, to detect and respond to breaches. Cyber insurance is only effective when executives prioritise compliance and ensure their policy requirements are fully met.
Cyber Insurance at Risk: Can You Pass an Audit?
As cyber insurers increase audits and toughen up their requirements, one mid-sized business found its policy at risk of withdrawal. An audit revealed critical gaps, including missing MFA, outdated software, insufficient backups, and no formal incident response plan. Over-reliance on IT to self-manage compliance led to conflicts of interest and missed requirements for role-based access, privileged access management, and tested recovery processes. Without swift action, even some progress could lead to a premium hike in excess of 100%. CEOs must take the lead—insurers expect compliance and governance at the highest level, or coverage may be lost entirely.
Complimentary Initial Assessment
Identify Policy Requirements and Obligations
Comprehensive Policy Review: We examine your cyber insurance policy in detail to identify all requirements and obligations, from technical controls (e.g., MFA, backup & recovery) to organisational processes (e.g., incident response plans, governance structures).
Practical Explanation: For each obligation, we provide a clear description of what it means in real-world terms, what insurers expect to see, and what should be in place to ensure compliance.
Why This Matters
Protect Your Coverage: Ensure your policy remains valid and robust in the event of an audit or claim.
Mitigate Financial Risk: Avoid partial or denied claims that could result in significant financial losses.
Will Your Cyber Insurance Hold Up When It Matters Most?
Schedule your complimentary initial assessment today: CONTACT US
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