Cybersecurity Insurance is a hot topic for many companies in recent days due to many changes to policies and legal requirements. In particular not a lot of companies can operate without a cloud presence whether related to webpages, customer account access, billing records and data privacy regulations.

The problem is it can be very difficult to understand the financial impact of such operations and what the company could potentially be liable for such as:

• Restoring personal identities of customers impacted
• Civil Penalties & Fines
• Cyber Extortion
• Network Interruption

This is where it is especially important for customers to take appropriate stock of all the different potential sources of vulnerability as well as risk from the perspective of the company as a whole.

Oftentimes operations are siloed by function such as Legal, IT, Accounting, Sales, Product Development which means there is no one with a clear picture of the whole operation. In order to mitigate this risk, a lot of companies will enter into Cybersecurity Insurance in order to protect the financial interests of the company.

Having a robust understanding and risk assessment can help you identify and reduce costs associated with insurance premiums. Has your company looked into Cybersecurity Risk Assessment and Insurance? Reach out to Tyler Wendland to find out more about our free risk assessment!