When you buy a new house, your mortgage lender wants to know that you have homeowner’s insurance in case of any damage. Your homeowner’s policy is there to protect you when you have a water incident, a small fire, or any other catastrophe that can cost big money.
When your company deals with data from customers and clients, cyber insurance is there for the same reason: to pick up the pieces if a cybersecurity incident occurs and help your org get back on its feet. The right cyber insurance policy could help you cover the costs associated with regulatory fines, lawsuits, and other consequences of a cyberattack. Cyber insurance can be an important safety net for any company that conducts business online—which, these days, is just about every company.
The catch is that because cyber insurance is such a new concept, settling on levels of coverage and rates isn’t always a straightforward process and finding the right policy for a fair price can be challenging. The trick to getting a better rate is to be able to prove to insurers that you’re doing everything you can to keep your cyber house in order and fend off any threats. The best way to do that is by having a solid, holistic GRC program in place.
Let’s look at why cyber insurance is still a must-have, why it can be so tricky to obtain, and how good GRC can help you get a better cyber insurance policy for your money.
Why cyber insurance