Insurance companies around the globe recognize the so-called cyber niche as an area of vast potential. Why? The simple answer is that everybody is in need of digital protection. The longer and the more honest explanation, however, is that the defense against cyber attacks is a shrewd investment. We know this from our personal experience!
It is neither easy nor quick to sell cyber insurance to businesses. We are on the quest to convince company owners and decision-makers how important it is to stay safe and clear from a threat that is invisible. And yet, the danger is not the only factor you cannot see, so are the benefits sometimes. This is why we will generously highlight them to you – it is Easter season after all.
A Resourceful Community
Most insurers that have cyber products in their portfolio work with cybersecurity experts. These specialists live and breathe cybersecurity. They go to bed with the latest updates and wake up with new problems to solve – it is their passion. White hackers, as you can refer to them, communicate with each other regardless of their status and location. In fact, a big portion of their education is informal, and having an access to their priceless knowledge about computer systems, risks, viruses, and remedies, is a huge advantage.
Someone to talk to 24/7
You will never meet a successful entrepreneur who did not take valuable advice. Usually, tech companies and insurers guarantee non-stop support which can be in the form of a chat on their website, a phone line, or a contact form. No matter how it looks, it is crucial to provide expert assistance in case any suspicious activities arise.
After a risk assessment procedure, cyber insurers decide on which type of technology solution will work best for your company. Once the product is deployed, you will no longer have to manage the security operations. They will be monitored and managed by your insurance company while you can focus on the growth of your business.
Cybersecurity experts do not just study. Above all, they practice, and the techniques they use to ensure your safety are repeated again and again in real-time or in a simulated environment. You might have heard of penetration tests which are the most advanced way to examine and evaluate your network.
Thanks to the constant monitoring of your systems, cyber experts who work in collaboration with the insurers, collect an immense amount of data. Needless to say, the analysis of all this information is a gateway to a safer and more predictable future for you and your company.
Because they navigate in a relevantly new territory, cyber insurance companies are not alone in this journey. First, as mentioned earlier, they partner with cybersecurity companies, and second, they often rely on reinsurers to reconfirm the negotiated coverage.
Did you think of all these when you were considering signing a cyber policy? Or you were not even considering it? We hope the Easter eggs have put a little extra weight on your future insurance plans. Last, but not least, at Cyber Lev Ins we believe in the three Ps – Predict, Prevent, Protect, oh, and the extra fourth one – we Promise!