Cyber liability policies start with a complex application process that can be overwhleming for een the most sophisticated organizations. Companies that go into this process without doing their due diligence can even see their application for coverage denied altogether. The following are common reasons cyber insurance applications are denied:
- Inadequate cyber security testing procedures and audits
- Inefficient processes to stay current on new releases and patches
- Inadequate cyber incident response plans
- Inadequate backup processes and recovery procedures
- Inadequate policies concerning the security of vendors and business partners
- Poor-quality security software and employee training
- Lack of adherence to a published security standard
Recently revealed exploits like Meltdown and Spectre put every company at risk of a breach, so proper protection is absolutely vital. S.S. Nesbitt (SSN) can provide guidance on improving your cyber security program and improving your risk profile. We keep you informed with regular cyber news updates (Read more about what to look out for in 2018), and our in-house cyber liability expert can provide insights on getting the proper coverage.
Contact SSN today to make sure your company and your employees are properly protected.
Information abstracted from Zywave’s “Common reasons cyber liability insurance applications are denied” article. .