Finding the Right Cyber Insurance Provider

Cyber insurance is a new frontier, so how can you find the right provider?
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Finding the Right Match
Cyber insurance is all about protecting digital and networked assets of all types. It could include such things like critical infrastructure, archived data, and even some less obvious stuff like online store up-time.

If your business lives and breathes the Internet and digital data, then you need cyber insurance. But the question is, how do you identify which providers will be best for you?

They Should Understand the Value of Data
Not all insurance companies are made the same. Some may be companies that are more than a hundred years old and that have been around since the days of the American Wild West. Others could be new and hip Internet-based startup companies that try to meet the needs of a niche market.

Regardless of their size or age, your cyber insurance provider should be a company that clearly understands the real value of your assets. The last thing you want is to need to hire a lawyer when filing a claim because your provider grossly undervalued the extent of your losses or damages.

Additionally, when initially underwriting the policy, the potential provider should make it very clear to you that they have their own experts in your field or a related field so that they can give you a realistic price quote based on your needs, and not merely make a guess based on outdated or irrelevant price models.
They Should Have Realistic Prices
Since the potential cost of experiencing a covered loss on a cyber insurance policy can vary greatly, it's essential that the provider offers you a realistic amount of coverage for a reasonable price. This means that they should not hugely overcharge you due to their misunderstanding of your business. It also says that they should not under charge you for insufficient coverage that would not be helpful in the event of a loss or data breach.

Imagine if a car insurance company charged just $25 a month to insure a Tesla to a 16-year-old driver. This would never happen because car insurance providers have detailed risk models that would require a far more substantial premium. But again, cyber insurance is new territory, and this kind of pricing mismatch could happen if you're not careful.
Reputation is Key
While not all providers in this category will be storied companies with decades of experience, reputation is still of critical importance when it comes to protecting your assets. Cyber insurance may be new in and of itself, but many providers that offer it now or not new to insurance in general.

Therefore even if your selected provider is new to cyber insurance, you should still do your research and see how they've done business in the past with other types of insurance products and clients.

To put it simply, a history, even a brief one, of doing right by their clients speaks volumes to whether or not you should decide to engage them.