When it comes to cyber risk insurance, you want to better understand what is involved. Once you know more about the basics, you can determine what elements you need to build the best policy.
Know About the Compliance and Audit Obligations
The majority of policies will require that you engage in regular compliance reporting and have a regular audit in place. This helps to ensure that your system is as secure as possible and that you are taking the proper measures to protect your data against a breach.
Explore the Minimum Downtime
Many policies have this stipulation and you want to know what the downtime will be. When a breach occurs, it is critical that you are able to act immediately. So, if a company has a downtime of several hours or more, it might not be an ideal policy for you.
Will the Scope of the Policy Evolve?
You know that technology is constantly changing and you need your insurance to follow this pattern. As new threats and technologies emerge, you want to be confident that your insurance will be able to cover them.
You can see that with the right information you can pick the right cyber risk insurance for your business. Use this information and compare it to your data protection needs to ensure the best policy.