Cyber insurance may not be new, but lately it’s taken on a new level of prominence. As cyber threats grow and fill the headlines, more and more companies are seeking cyber insurance to help protect them against any fallout. But is it worth it? And if so, how do you get it?
There’s a lot of noise out there about security. Organisations using F.U.D. (fear, uncertainty and doubt) tactics to draw customers into products and services, sometimes with no regard to relevance or practicality.
And while giving security due diligence is better than not, it needs that relevance and practicality to be truly effective.
That’s what we try to bring at CommArc, whether across our New Zealand-based cloud platform, our cyber security team, our product research or one of our many consulting and technical services.
So since cyber insurance is an increasingly prominent option for New Zealand businesses, we’ve been working with people in the insurance industry to get a better understanding of its relevance and practicality – especially as it relates to security and business recovery.
From this, we’ve gotten a much better idea of:
- the types of policies out there
- how these connect with our 4Pillars security approach (governance, policy, prevention and recovery – highly effective and best practice, according to the insurance industry)
- how they affect your business.
So, the major takeaway about cyber insurance?
Cyber insurance is an important recovery measure, but it needs to come after a good foundation of security measures. And insurance needs to match your security arrangements, and vice-versa. You can’t insure an unsafe house. You can’t insure an unsafe car. And the less safe these are, the different your policy will be.
Before confirming a cyber insurance policy, make sure your security is in order. And to pick the right policy, you need to understand how your security arrangements match the different policies on offer.
So here’s what we can do for you: a Cyber Insurance Policy Assessment
We assess your organisation’s suitability for a cyber insurance policy, basing our criteria on policy frameworks from New Zealand and abroad.
Our cyber security team (engineers at the coal face, not salespeople) provide it with a combination of interviews and specialised online testing.
At the end, you’ll receive a visual scorecard and commentary around any areas that may not meet the requirements of a cyber insurance policy, or might need further work.
- You’ll learn the best policies for your organisation.
- You’ll learn where you need to improve security.
- You’ll end up with the right kind of policy for your needs, at the right price.
That work will also reduce your reliance on an external insurance policy, allowing you to self-insure to some extent. Because while insurance is a handy thing to have, preparation and prevention is still the best policy.
We can get the ball rolling right away. Let’s talk.