Bringing Clarity to Potential Cyber Events in the New Year

Published by Axio

In this next part of the blog series on the connection between cybersecurity and insurance, we dive into the preparing for the uncertainties of cyber risk.

In our previous blog post in this series on the connection between cybersecurity and insurance, we discussed the evolution of cybersecurity risk. 2020 was a significant year for insurance companies as many indicators point to them losing money due to ransomware claims.

With this dramatic increase in cybercrime, insurance will be playing a bigger role in the recovery process in 2021. And when we say insurance, it’s not just cyber insurance, it’s your entire insurance portfolio. Cyber events can cause damage to aspects of your business that may be covered by traditional insurance policies such as property, general liability, and more. With so much at risk, optimizing one’s investments to reduce susceptibility towards cyber risk is becoming a priority goal.

Addressing Uncertainties in Cyber Risk

It’s a tough time to be an insurance broker. Policy premiums are increasing and insurers need a way to sell cyber insurance policies with more clarity. Being able to bridge the gap between the significant risks an insured may face, and their current exposure is becoming a very high value proposition. With nuances, exclusions and clauses, many organizations have discovered that their insurance policies left them exposed to cyber risk.

In 2021, organizations want to know exactly what they are getting when they purchase an insurance policy. With hundreds of different policies to choose from, which will provide the most value? Additionally, they need to understand the impact of cyber events in an easy and effective way to take the most cost-effective action. Without a thorough understanding of the potential damage a cyber scenario can cause, it’s impossible to have all the information necessary to make the best investment decision.

So how strong is your insurance portfolio against cyber risk?

Since 2015, Axio has armed the world’s most valuable organizations with quantified risk information that’s easy to understand and can be aligned to the company’s entire insurance portfolio.

Take the First Step for Free

In light of the recent SolarWinds attack, and the consistent question of “Am I Covered or Not?” we are offering free use of our platform for a rapid analysis of an insurance policy that could be important to your recovery plans.