Resistance is NOT Futile for Cyber Insurance Insurers
If you think that the business general liability or even purpose built cyber insurance policies will cover you in the event of a cyber-security breach, it’s highly likely you are mistaken. In fact, it is in your carrier’s best business interest to deny your claim.
Chances are the exemptions in your cyber insurance policy exclude coverage for access to or disclosure of confidential or personal information which accounts for the majority of claims. Cyber criminals are in it for profit which means they are going after confidential or personal information.
Cyber insurance claims are being denied when breaches occur as the result of hackers exploiting commonly known security vulnerabilities which amounts to negligence on the insured. When on average 96% of all breaches are avoidable, the only thing that stands between being breached and having your cyber insurance claim denied is the effective implementation of controls and countermeasures from taking a Proactive Cybersecurity approach.
Lazarus Alliance is Proactive Cybersecurity™
Lazarus Alliance will examine your policy during an IT risk assessment or Cybervisor™ readiness review and help you understand where your vulnerabilities and threats to your business may be. It may very well be that cyber insurance policy you purchased to protect your business.
Risk management is so fundamentally important to business survival. Organizations all around the world are suffering through cyber-attacks; some unsuccessfully too. Espionage and Hacktivism is on the rise. Additionally, the global economic crisis exposed major weaknesses in the systems of financial institutions, motivating companies to reassess their IT. As if that were not enough, increased regulatory demands, pressure from top management for faster and better business information, and advances in risk management by top-tier competitors are prompting smart companies to transform their risk IT functions.
Related Posts