Minimize financial damage after cyberattacks.

The only certainty in cyber insurance is a culture of readiness.

Cybersecurity insurance helps protect businesses from financial losses and liabilities resulting from cyberattacks or data breaches. Cyber threats are becoming as sophisticated as they are prevalent. Having cybersecurity insurance is essential for safeguarding sensitive information and mitigating potential financial losses. Policies typically cover expenses related to investigating and remedying a breach, legal fees, public relations efforts to manage reputation damage, notification costs, and even potential liability claims. It’s important to have financial protection in place against the ever-evolving risks associated with cybercrime, and Volta can help you prepare to apply for coverage.

The market is still in flux. 

Whether the cyber insurance market stabilizes or continues to dramatically expand is a huge question mark in our industry. At the point, coverage requires businesses to meet certain requirements in order to be eligible for protection. These requirements may vary depending on the insurance provider, but common criteria include having robust cybersecurity measures in place, such as firewalls and encryption, security monitoring, awareness training, privileged access, malware defense, and perimeter/Internet defense.  

Major support from IR and BCP.

Businesses may also need to demonstrate that they have a comprehensive incident response plan to set in motion when an attack gets through. This includes having offsite backups and a protocol for immutable copies to mitigate any potential data loss. In addition, businesses may be required to undergo regular security audits and risk assessments to identify vulnerabilities and ensure compliance with industry standards. To meet the heightened requirements for coverage, organizations must demonstrate their commitment to maintaining a secure environment, while also understanding that attacks are inevitable, even when an organization is doing everything right. 

Be prepared to answer underwriters.

To summarize, the costs associated with an attack can be astronomical. That includes expenses related to investigating the breach, notifying affected individuals, providing credit monitoring services, legal fees, and potential fines or penalties imposed by regulatory bodies. Moreover, a company’s reputation can be severely damaged in the aftermath of a cyberattack, leading to loss of clients and opportunities. Cybersecurity insurance helps mitigate these risks by providing financial support and guidance so that businesses can recover quickly and minimize an attack’s impact on their operations. If you’re seeking coverage or renewal of your policies, Volta can help you prepare for the task. Take a look at our checklist. If you hit a roadblock while moving down this list, please reach out. We’re here to support you.