As outside insurance, risk management and coverage counsel for companies that run the gamut from small start-ups to Fortune 100 global conglomerates, we work with a lot of clients and brokerages on cyber insurance policy procurements, renewals and claims. Most of our clients have agreements with brokers that address the different services that will be provided for procuring insurance and to handle claims. In our experience, there are a few things that the best brokers do to help their clients navigate the cyber risk landscape. Here they are:
Understand — and anticipate — the costs of a data breach
We all know the common refrain that it is not a matter of “if” your company will be breached but “when.” And when that occurs, the first question executives and board members ask is “How much is this going to cost us?”
Fortunately, there are several sources that brokers can share with their clients to ensure they’re informed as to what these incidents cost so they can be better informed when deciding what cyber insurance limits to purchase.
First, the best brokers share benchmarking information with their clients as to what other,…
