Cyber liability claims are being denied because policyholders can’t prove they’ve met the terms of their policies by making ongoing efforts to minimize threats. To ensure payouts, companies need compliance management and reporting that meet their cyber insurance policy terms. That’s why it’s critical to make sure you’ve dotted your “i”s and crossed your “t”s AND documented every step. Let’s look at the five most important steps to pay attention to:
- Educate key players or clients on all the security requirements that are built into their cyber liability insurance policies. These policies are complex with plenty of “small print”. It’s important that all involved have an understanding of what processes need to be in place and what recurring processes need to be implemented. Failure to do so will almost guarantee your insurance policy provider will refuse your claim in the event of a breach.
- Complete a comprehensive compliance assessment to ensure your company or clients are in compliance with the IT security terms of the policies. This provides an overview to identify risk areas and security gaps you face. It covers technology as well as company protocols and daily employee procedures that may create security risk.
- Offer ongoing security remediation to ensure they remain compliant with the policy terms. And let’s face it, ongoing remediation is just smart IT. If your cyber security team isn’t constantly searching for suspicious activities and malicious attacks in forms such as malware, ransomware, phishing, etc, something isn’t right.
- Document your on-going assessments and remediation steps to prove “due care”. Consider automating this process so you can “set it and forget it.” But without documentation showing you’ve taken the necessary steps; your claim will be denied. As always, the proof IS in the pudding.
- Regularly review the cyber liability insurance coverage and research replacement or supplemental policies to cover any gaps. Organizations change and grow, and policies become outdated. You don’t want to pay for a policy that doesn’t protect your organization as it is today. If you’re an MSP, look into how to offer cyber liability insurance compliance as part of a comprehensive IT security assurance program.
Compliance Manager GRC
A comprehensive compliance management platform reduces the effort required and automates much of the work that goes along with cyber liability insurance compliance. Compliance Manager GRC gives you greater confidence that the information security programs you’re putting into place are actually working – and generates documentation to prove it!
You don’t need additional headcount or prior knowledge of insurance or regulatory standards. Compliance Manager GRC can put you in an excellent position to provide improved IT security and robust compliance. Our Rapid Baseline Assessment will help you get up to speed quickly and demonstrate the need and value of compliance to any audience, whether it be your organization’s upper management or MSP clients or MSP prospects.
To find out more, click here to get a custom demo from our knowledgeable experts.