(Editor’s note: This is the ninth installment of a monthly column on the growing number of cyberthreats facing businesses of all sizes and what they can do about it. See previous installments here.)
The barrier to entry that businesses face in obtaining cyber liability coverage has continuously and significantly grown the last couple of years. Many insurance providers are now mandating that customers undergo more thorough risk assessment processes, prior to even offering coverage.
Even for existing customers, the bar has been raised for cyber coverage. Business leaders are now challenged to maintain affordable coverage. As scary as it may seem, I have seen many organizations denied cyber liability insurance over the past year. As part of the risk evaluation, businesses may be required to undergo regular security audits, adjust security controls or even invest in new security tools or hardware to meet insurance requirements.
There’s also the potential for gaps in coverage. Insurance policies can be extremely complex, and businesses may not fully comprehend what you are protected against. On top of that, some policies may have…
