![]() To achieve this, consider implementing measures aimed at mitigating some of the more costly cyber risks. While you can’t do much about the wider organisational factors, you could potentially reduce the premium, if you are able to demonstrate the level of security hygiene in your company that correlates with risk reduction. It’s also a good idea to involve your Legal team to review the wording. Make sure the responses you provide are accurate as discrepancies in the answers can invalidate the policy. You are usually asked to complete a self-assessment questionnaire to help the underwriter quantify the risk and come up with an appropriate policy. Models to quantify it usually rely on a number of high-level factors (the industry your organisation is in, geography, applicable regulation, annual revenue, number of customers and employees, etc.) and questions aimed at evaluating your security capabilities. Unlike more established insurance products, cyber doesn’t have the same amount of historical data, so approaches to underwriting this risk can vary. ![]() I wrote previously about how cyber insurance can be a useful addition to your risk management program.
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