Is your cyber insurance bill about to skyrocket?

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Worse yet, will your cyber insurance carrier cancel your policy and refuse to insure you at all?  These are scenarios that are taking place across all sectors and organization sizes as insurers are paying multiples in claims as what they are collecting in cyber premiums.

The city of Anchorage made the news when their commercial insurance renewal was coming up and their broker had to reach out to over 36 insurance companies to find even one who would provide a quote at all.  That quote was over 4x the previous annual premium.  Officials for the state say that they are still considering options as this problem will not resolve itself anytime soon.

What can you do?  Be proactive.  Start as soon as possible to align your cybersecurity with a recognized framework.  This will not only protect you by reducing your risk of being an easy target for an automated attack, but it will reassure insurance underwriters that you are taking your responsibility to protect data seriously and not ignoring the issue with the expectation that if the worst happens, it will be the insurer’s problem to clean up the mess.

Tracy Fox
+ posts

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