Cyber Insurance Compliance
We help you obtain or regain coverage. And stay covered.
At Concertium, we understand that meeting the increasing stringent qualifications for cyber liability insurance can be a challenge. However, our proficient team is not just aware of these rigorous prerequisites but also adept at navigating through the complexities. With us, obtaining or regaining your insurance coverage becomes a seamless experience, ensuring minimum disruption to your business operations.
Our approach begins with an extensive assessment of your current digital infrastructure. We meticulously evaluate your present practices, identify the potential risk factors and areas of non-compliance, which could hinder the approval of your insurance application.
Common Challenges
Factors that contribute to getting denied insurance or having fewer options with higher premiums:
Inadequate Security Measures
Lacking sufficient security controls, such as firewalls, intrusion detection systems, encryption protocols, or employee training programs.
Lack of Documentation and Risk Assessment
Failing to demonstrate a comprehensive understanding of cyber risks or being unable to provide the necessary documentation.
Emerging Technologies and Unique Risks
Lacking historical data on associated risks for emerging technologies, such as Internet of Things (IoT) devices, artificial intelligence, or blockchain.
Our Solutions
Multi-Factor Authentication
Patch Management
Privileged Access Management (PAM)
Email Filtering and Web Security
Managed Endpoint Detection and Response (MDR)
Cybersecurity Awareness Training and Testing
Secure, Encrypted, and Tested Backups
Incident Response and Planning and Testing
How Cyber Insurance Helped Companies
Real-World Examples
Target
Target utilized a cyber insurance policy with $100 million in coverage during its data breach. The policy helped cover the costs of the breach, including settlements with payment card networks and providing financial support to restore operations.
Sony
Sony’s cyber insurance policy significantly mitigated the costs of multiple data breaches, including the 2011 attack that compromised millions of personal accounts. The estimated coverage of $100 million helped offset substantial damages, allowing the company to recover.
Home Depot
Home Depot held a cyber insurance policy valued at $105 million during its widespread data breach. The coverage helped manage the breach’s fallout, which impacted thousands of customer credit and debit cards.
Our ServicesHow We Help
We provide the level of support you need to help you achieve your goals, whether your objective is to meet the minimum requirements, obtain or regain coverage or arm your business with optimum protection.
We identify the areas of your business that do not meet insurer’s requirements and provide the solutions to resolve those gaps, reducing your risk level and giving you the opportunity to have more insurance options at lower rates.
We enforce access controls and on-premise and cloud policies in your environment to proactively prevent cyberattacks and minimize impacts should an incident occur.
OUR APPROACH
We understand the critical importance of cyber insurance compliance for businesses. Our tailored approach and expertise provide a clear path to achieving compliance and reaping the benefits of comprehensive cyber insurance coverage.