(for the Small & Midsize organization)
The Cyber insurance buyer's perspective
iQ-Cyber can help - we can offer a lifeline
Cyber breaches often result in damage, regardless of an organization's size. However, for small and midsize firms, which often lack multi-layered defensive technology, the damage in terms of costs could be so severe that it means the end of the business.
No matter how many cybersecurity initiatives are undertaken by a company, the risk of a cyber breach (whether external or internal) cannot be totally eliminated. Furthermore, cybersecurity vendors don't offer a guarantee on their products.
If a company wants to eliminate 100% of the risk associated with cyber attacks, they cannot achieve this goal by only purchasing new defensive technology, hiring consultants, and implementing new processes. There will always by some level of cyber threat risk.
That's why companies are incorporating cyber insurance as another useful tool for transferring risk as part of their sound risk management strategy. However, insurance providers will not insure your company if you haven't taken steps to secure your system, information, and human assets. They will require evidence of insurability for cyber coverage. This evidence typically comes in the form of a "cyber risk assessment."
An insurance provider wants to see that your organization has assessed its vulnerability to cyber attacks (i.e. conduct a risk assessment) and follows best practices by enabling defenses and controls to protect against attacks as much as possible.
We can provide a quick, high-level cyber risk analysis using the C.O.P.E. (contruction, occupancy, protection and exposure) framework. This analysis includes the following: