Tips to find cyber insurance coverage in 2025
Cyber insurance is increasingly important as businesses face a wave of cyber threats and data breaches. With rising interest, especially during times of rampant ransomware attacks, many organisations are keen to find adequate coverage. However, navigating the landscape can be tricky, especially with high loss ratios, denied claims, and industry-specific risks.
Key Points
- Interest in cyber insurance has surged, but many claims have been denied, causing some insurers to leave the market.
- Businesses in high-risk sectors like healthcare and finance face higher premiums due to their data sensitivity.
- It’s critical to start the application process 4-6 months in advance to gather necessary documentation and assessments.
- New parametric insurance products can better address specific risks, such as cloud service outages.
- Understanding coverage types—first-party vs third-party—is essential for adequate protection.
- Insurers often require robust security measures from organisations to qualify for coverage at lower premiums.
- Compare policy options to understand coverage limits and exclusions, especially regarding ransomware incidents.
- Accurate representation in insurance applications is crucial to avoid claim denials based on misrepresentation.
Why should I read this?
If you’re part of an organisation grappling with cybersecurity concerns, this article is a must-read. It gives you the lowdown on finding cyber insurance, including tips to navigate this complex and increasingly necessary aspect of digital security. So, save yourself time and get clued up on how to safeguard your business against cyber risks!