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Cyber Insurance Woes


tmcmullen
Popular Voice
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It’s no surprise to me that cyber insurance companies have cracked down on their policy requirements and forced businesses to meet certain requirements before they will insure them. 

Companies find it more difficult to get cyber insurance

5 replies

russell.harris
Popular Voice
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Just like any insurance really. Premiums go up with greater risk


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  • Community Expert Advisor
  • 543 replies
  • October 16, 2022

Always best to have as much of a complete layered defense in place, document everything and have as many bases covered as possible. 

 


Martin.1
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  • Popular Voice
  • 424 replies
  • October 17, 2022
jhartnerd123 wrote:

Always best to have as much of a complete layered defense in place, document everything and have as many bases covered as possible. 

 

Very well said and very true. In South Africa, Cyber Insurance is fairly new, and it is actually scary how many of our customer base comes and as us to “rig” their documentation so they can get better benefits, but fortunately, we give what is in place, the same issue is with SAT, people simply do not see the need until they have been compromised a few times, the same will go with Cyber Insurance, when claims are not paid out, then they will start seeing the true value of putting the right and correct systems in place that are well documented as it should be.


MunkeyMan
New Voice
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  • New Voice
  • 304 replies
  • October 17, 2022

Its a good opportunity for MSPs. We can provide a catalogue of services to provide defense in depth.


MajorHavoc
Bronze VIP
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  • Bronze VIP
  • 1278 replies
  • October 29, 2022

I was under the impression that most insurance companies have stopped insuring this. I can imaging how expensive it must be now. Like most insurance, they are happy to sell it to you. They just won’t let you use it like the advertised when something happens. And the the rates go through the roof. 


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