Actioning a new cyber security policy or procedure can be an intense change for a company. Certainly, as a cyber security and technology company, we’ve heard it all from our clients, as the demand for better security measures and protocols increases – which is not just to meet the risk of cyber-attacks, but also to be able to qualify for insurance coverage.
Now more than ever before, insurers are checking to make sure companies are properly securing their business. They are requiring more in-depth information about a company’s cyber policies and procedures, and if they can’t satisfy the greater level of scrutiny, they could face coverage issues (higher pricing, limited coverage, or be refused altogether).
This is a very serious reality for which most businesses are not equipping themselves; and is confirmed through a recent Wall Street Journal article, “Buying Cyber Insurance Gets Trickier As Attacks Proliferate, Costs Rise”.
“In the second quarter, U.S. cyber-insurance prices increased 79% from a year earlier, after more than doubling in each of the preceding two quarters, according to the Global Insurance Market Index from professional services firm Marsh &McLennan Cos.”
All businesses are being forced to navigate what is required of them in order to apply for cyber insurance, or continue being covered at their next policy renewal (this is not as uncommon as you might think!).
Birmingham Consulting is your source for cyber security expertise and can help identify where your business’ cyber security needs attention. If you are not 100% confident in your security systems, we offer a complimentary confidential third-party cyber risk assessment to evaluate how well protected your business is against ransomware and other cybercrime. Learn more at https://birmingham.ca/consult