Cyber insurance covers an organization’s financial losses resulting from a cyber incident or breach, such as a data breach, ransomware attack, or network security breach. Cyber insurance policies typically cover a range of costs associated with responding to and recovering from a cyber incident, including:
- Notification and legal costs: Cyber insurance policies may cover the costs associated with informing customers, employees, and other affected parties about a breach, as well as legal fees associated with responding to any legal claims or regulatory investigations.
- Business interruption: Cyber insurance policies may cover the loss of income or revenue resulting from a cyber incident and the costs associated with getting business operations back up and running after a breach.
- Data restoration: Cyber insurance policies may cover the costs associated with restoring lost or damaged data after a breach.
- Public relations: Cyber insurance policies may cover the costs associated with managing the public relations and reputation management aspects of a breach, including the costs of crisis communications and media relations.
- Cyber extortion: Some cyber insurance policies may cover the costs associated with responding to cyber extortion attempts, such as ransom payments or legal fees.
Cyber insurance help organizations financially recover from the costs associated with a cyber incident or breach and provide organizations with the resources and expertise needed to respond to and recover from such an event effectively.
Complyan: Your Trusted Partner in Obtaining Cyber Insurance Coverage through Improved Cybersecurity Practices
Complyan helps organizations obtain coverage for cyber insurance by providing tools and features that can improve an organization’s cybersecurity posture and demonstrate a commitment to good cyber hygiene practices. Some specific ways that Complyan helps organizations obtain cyber insurance coverage include:
- Risk assessment: Complyan can provide tools and features for conducting risk assessments to identify potential vulnerabilities or threats in an organization’s cybersecurity posture. This can help organizations prioritize risks and take appropriate measures to mitigate or eliminate those risks, which may be required by certain standards or frameworks. By demonstrating a proactive approach to managing cybersecurity risks, organizations can improve their chances of obtaining cyber insurance coverage.
- Compliance documentation: Complyan helps organizations document their compliance with national cybersecurity standards and international frameworks by providing tools for creating and maintaining compliance reports and documentation. This can help organizations demonstrate their robust practices and provide evidence of their implemented controls to insurance underwriters, which may be required as part of the underwriting process for cyber insurance.
- Monitoring: Complyan can provide real-time monitoring of an organization’s cybersecurity posture to identify and alert organizations to any potential risks or vulnerabilities that may arise. This can help organizations take timely action to mitigate those risks and demonstrate to insurance underwriters that they are actively managing their cybersecurity posture.
- Risk management: Complyan can provide tools and features for managing and mitigating cybersecurity risks, including tools for risk assessment, risk monitoring, and risk reporting. This can help organizations meet the risk management requirements of certain standards or frameworks and demonstrate their commitment to good cyber hygiene practices to insurance underwriters.