Takeaway: As cybersecurity risk increases, large enterprises and government agencies are, increasingly, forcing smaller vendor companies to obtain cyber insurance to help manage the risk of a data breach. To prepare for an annual cybersecurity insurance renewal or initial application, consider the following practices which could help address the risks most concerning to an insurer.
Although cybersecurity risk is a persistent concern for law makers and regulators, a national regulatory standard in the United States does not appear imminent. If, however, your company has applied for cybersecurity insurance recently, the application process may have seemed like a compliance audit. Cybersecurity insurance questionnaires, as complex as they have become, are usually inquiring about common practices that most businesses should feel confident investing in and implementing.
For the most part, the cybersecurity practices desired by insurance underwriters – in the ever-changing world of cyber risk management – are the same, or similar in nature, to the administrative and technical safeguards required under various State and federal security standards. To prepare for an annual…
