Cyber Insurance Benefits What does a Cyber Insurance Policy do for you?Posted November 26, 2019 in Business, Editorial
The Cyber CIC Program Series, by: Olivier Bue, Vice President, The Hull Group
In late October, I attended the second residential session of the Cyber COPE Insurance Certificate (CCIC) Program in Santa Clara, California. There is a lot of content and material to unpack but, truth be told, the highlight for me was seeing (at the time) an undefeated San Francisco 49ers team demolish the Carolina Panthers at Levi’s Stadium.
The 49ers have a lot of momentum going for them this season maybe your business has momentum going for it that ideally continues into 2020. You might have thought about what factors or incidents could slow down or halt your business momentum and a cyber breach or attack scenario should be on that list. So, with that being said, what does a Cyber Insurance Policy do for you?
One of the most important features of Cyber coverage is Incident Response Management – which is a subset of Business Continuity Planning. Both involve proactive and reactive considerations. In one of the CCIC sessions, the two main categories of cyber insurance benefits were outlined as:
1) Response Services to help a cyber policyholder reduce exposure to a loss when something happens
2) Mitigation Services to help a cyber policyholder reduce exposure to a loss before something happens
When push comes to shove, in business and football, planning and having contributors ready on the sidelines are key factors to avoid an interruption to the game plan and keep momentum going. For businesses, cyber insurance offers these key resources to keep you going when faced with an incident or breach scenario.