Cyber insurance application forms can give companies a “good understanding” of how well prepared they are to deal with an information security-related loss, speakers said Thursday at the International Cyber Risk Management Conference in Toronto.
“We have seen clients stop right in the middle of the application process and say, ‘ You know what? We are not ready to buy cyber insurance yet – we have got to do a few things to make ourselves a better risk,’” said Brian Rosenbaum, Aon Canada Inc.’s senior vice president and national cyber and privacy practice leader.
Rosenbaum was a panelist at an ICRMC session titled Resilience: What’s Insurance Got To Do With It?
“Just filling out the application form and going through the procurement process to buy insurance is a pretty good [information security] health check,” Rosenbaum said. He suggested Aon brokers in Canada get calls from clients saying things like “I don’t know how to answer this question on the application, because [for example] we are partially encrypted, we are doing this, we are doing that.”
So the cyber insurer’s application form is a “wake up call” for clients,…
