I recently had to renew the cyber insurance policy for the office and it was interesting to see the evolution of questions asked over the years. At first, most of the cyber insurance questions involved basic computer security and merely checked to see if we had firewalls and antivirus and not much else. Now the questions suggest that insurance providers understand that network security includes much more than antivirus software. Answering the questions gave me an insight into the type of risks they were evaluating and the security processes that they expected us to perform.
Cyber insurance is a key need for many businesses. For many years. the insurance was easily available and review was negligible. The Colonial Pipeline ransomware attack and other recent ransomware incidents have made insurance underwriters ask hard questions about the security of our firms.
Following are some of the questions you’ll need to answer when applying for cyber insurance. How would you answer them? Are you doing enough to ensure that you are insurable?