Leverage and Demonstrate Value with your Cyber Insurance Renewal

Learn how to maximize the value of your cyber insurance renewal by implementing a solid cybersecurity program, leveraging risk controls, and demonstrating program effectiveness to underwriters and CFOs.

Key takeaways
  • Leverage and demonstrate value with your cyber insurance renewal by having a solid program in place.
  • Ensure good risk by implementing multi-factor authentication, endpoint detection and response, patch management, and other key controls.
  • Conduct regular vulnerability management and table-top exercises to test and validate your program.
  • Keep your CFO and chief risk officer informed of your cybersecurity program and progress.
  • Review your program regularly and make adjustments as needed to maintain a good risk profile.
  • Consider using a broker to help you demonstrate and identify value in your program.
  • Be prepared to walk your underwriters through the specifics of your program.
  • Prioritize patch management, vulnerability management, and simulation exercises to stay ahead of potential threats.
  • Regularly assess and validate your backups and recovery procedures.
  • Consider using a third-party to help with vendor management and risk assessments.
  • Prioritize good risk management by leveraging your broker and underwriters to identify and mitigate potential risks.
  • Consider using a simulation exercise to test and validate your program.
  • Prioritize keeping your organization’s assets up to date with the latest security patches and updates.
  • Prioritize testing and validation of your program to ensure it is effective in preventing and responding to cybersecurity threats.