Finding cyber security insurance policy is the first step in ensuring that your firm is covered from losses resulting from cyber crime. While conventional insurance firms may have knowledge covering all manner of risks, only a handful may have knowledge of what is needed to cover cyber crime. However, that does not mean traditional insurance firms do not have any capacity to offer cyber security insurance.
So, who do you go to when you need cyber insurance companies? The following suggestions will point you in the right direction:
ü Insurance brokers
The right insurance broker will not only help you determine the right policy for your business but also lead you to the right cyber security insurance company. Tailoring your policy to your firm’s needs is a task that your broker should do for you so as to ensure you pay more affordable premiums.
ü The insurance company
Picking an insurance company that understands the implications of a cyber-security breach ensures you are covered against all possible risks. A good insurer should tailor your cyber security insurance policy to your needs, rather than fitting you into a general plan that may not work for you.
Of the over 200 members of the Association of British Insurers, a good number already offer cyber security insurance. Other insurers offer insurance on kidnap and ransom and this is a great help if you need kidnapping insurance. Talk to your broker to find out which one.