Will your cyber coverage cover you when you weren’t attacked?
Will your cyber coverage cover you when you weren’t attacked?
At our website www.oneminutefromnormal.com we ask visitors the question: What if an unscheduled event suddenly seizes control of your business? Are you ready?
One minute from normal can occur even though your own network has not been breached, every company laptop is secure and no mobile devices have been left behind in a rental car.
With more companies embracing cloud technology for their data storage needs, third party data breaches have become an increasing concern. Because no amount of preparation regarding your own firm’s cyber security can anticipate third party breaches, cyber insurance coverage becomes even more critical since your firm can be responsible for discovery, notification, and damages.
To prepare for a third party cyber event, your firm should carefully review its cyber coverage before the cloud is breached. The good news is the full range of costs resulting from a third-party’s data breach can be covered by carefully-written network business interruption coverage.
Analyzing your firm’s cyber insurance coverage against its cyber risks is a complicated business. Just as it takes a professional to develop a cyber security plan, insurance professionals are best equipped to evaluate your coverage.
At KMRD Partners, we continuously analyze carrier forms to determine the best coverage for our clients. To date we have analyzed more than 7,000 insurance policies. The knowledge gained enables us to detect and correct coverage gaps, known and unknown, including cyber insurance gaps.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events waiting on the other side of one minute from normal.
To learn more about cyber security insurance, contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
