Underwriting › Underwriting guidelines around cybersecurity controls have remained largely consistent over the past two years. Insurers expect a minimum standard of security controls, which become more stringent the larger and more complex an organization is. › Due to the prevalence of systemic and supply chain events, third-party and vendor risk management will experience additional scrutiny in 2025 and beyond. As insurers work to better understand and quantify supply chain risk across their portfolios, the scope of dependent business interruption coverage may be challenged.
› For renewals, in addition to providing updated responses within cyber insurance applications, insureds should also aim to demonstrate continuous improvements to their insurers, either via underwriting calls or through written addendums. › For industries with greater exposure to privacy risk, underwriters are requesting biometric and web tracking supplemental questionnaires. This information is critical for insureds seeking affirmative wrongful collection coverage.
Our Recommendations: › Start the renewal process early for a smoother renewal. Work with your broker and your InfoSec team or Managed Service Provider (MSP) to complete the cyber insurance applications, incorporating feedback from all relevant stakeholders. Discuss a cyber marketing strategy with your broker to better understand emerging risks and evolving underwriting requirements. Continue to assess limits adequacy using data and analytics with feedback from senior stakeholders (CISO, CIO, CTO, RM, GC, CFO, etc.). › Focus on demonstrating continued improvements in cybersecurity and resiliency to underwriters to lock in a favorable renewal outcome. While applications contain several questions that portray your security posture to the underwriters, they may not tell the full story. Speak with your broker and develop relationships with incumbent insurers where possible to create long-term partnerships. › Understand the cyber claims process and policy vendor requirements, integrating both into your incident response plans on an annual basis depending on your primary insurer. › Review the risk management resources, tools and solutions available to you as a policyholder. Lean on your broker to help facilitate introductions and maximize the value of your cyber insurance policy.
Cyber RiskScript The Unison Risk Advisors Cyber RiskScript process is designed to help clients navigate their cyber insurance renewals seamlessly from preparation to program administration. This process offers various resources, promotes cyber risk resiliency, identifies new opportunities for improvement and drives favorable cyber insurance outcomes.
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