How do I get cyber security insurance?
Cyber security insurance (also known as cyber liability insurance) helps businesses recover from cyber attacks, data breaches, and financial losses caused by security incidents.
To get coverage, you need to assess your risks, meet security requirements, and choose the right policy.
🔍 Steps to Get Cyber Security Insurance
1️⃣ Assess Your Cyber Risks
- What type of data do you store? (customer, financial, medical, intellectual property)
- How would a cyber attack impact your business? (financial loss, legal penalties, reputation damage)
- Have you experienced past security incidents?
2️⃣ Implement Cyber Security Best Practices (Insurers Require This!)
- Multi-Factor Authentication (MFA) for user logins.
- Regular data backups (offsite and encrypted).
- Employee security training (phishing & social engineering awareness).
- Endpoint security (firewalls, antivirus, intrusion detection).
- Access controls (least privilege & role-based access).
💡 Stronger security = lower insurance premiums!
3️⃣ Compare Cyber Insurance Providers
Look for insurers that specialize in cyber risk coverage:
✅ Lloyd’s of London
✅ Hiscox
✅ Chubb
✅ AIG
✅ Beazley
✅ Zurich
Request quotes and compare policy limits, coverage, and exclusions.
4️⃣ Choose the Right Policy
Cyber insurance policies cover:
🔹 First-party coverage – Costs directly incurred by your company (e.g., data recovery, incident response, legal fees).
🔹 Third-party coverage – Liability costs from lawsuits, regulatory fines, and claims from affected customers.
Key coverage areas to look for:
✔ Data breach response (forensics, legal costs, PR management)
✔ Ransomware extortion payments
✔ Business interruption coverage (lost revenue from downtime)
✔ Regulatory fines & legal fees (GDPR, PCI-DSS, etc.)
✔ Cyber fraud & social engineering attacks
5️⃣ Undergo a Cyber Risk Assessment
- Some insurers require a risk assessment before approving coverage.
- You may need to complete a security questionnaire or undergo penetration testing.
6️⃣ Purchase the Policy & Review Regularly
- Work with a cyber insurance broker to ensure the right coverage.
- Review policy exclusions (some insurers don’t cover nation-state attacks or insider threats).
- Update your coverage as your business and cyber risks evolve.
🚀 Pro Tips for Lower Premiums & Better Coverage
🔹 Harden security controls (MFA, encryption, regular updates).
🔹 Conduct cyber security audits & penetration testing.
🔹 Maintain a Business Continuity & Disaster Recovery Plan (BCP & DRP).
🔹 Train employees on security awareness.
By strengthening your cyber defenses, you can reduce premiums and improve your chances of getting coverage!