Thank you to Mark Franklin of Aston Lark Insurance Brokers for this expert insight into cyber insurance. Visit their site here: www.astonlark.com
Cyber risks are becoming the most significant issues in today’s business world. The risks are evolving in an unprecedented manner because of the nature of e-trading. The e-trading world is 24/7. The information systems architecture is open and the distribution is worldwide.
For businesses that prefer to take a less overt approach to measuring the scope, effectiveness and value of their insurance programme to respond to cyber incidents, a confidential review can provide peace of mind.
Our Confidential Cyber Insurance Review allows businesses to isolate their cyber risks from the arduous tender process which tends to create expense and the distraction of management time.
Our independent review of your cyber risks and insurance programme will provide:
- An analysis of your current and potential insurable cyber risk exposures
- A GAP analysis showing how your risk exposures match against your current programme
- Details of an example service plan, including areas of additional assistance such as risk transfer and alternative risk transfer of identified cyber exposures
- Our approach changes the focus from merely looking at cost and concentrates on analysing how your cyber risk exposures match against your current insurance arrangements and pricing
- The exercise enables you to exploit these favourable conditions without undue market exposure
- No contact is made with the insurance market. This avoids upsetting a long-term relationship with either your existing broker or insurer
- Ensures that your organisation is not over represented in the market with a number of brokers approaching the same insurers, with different presentations and pricing messages. When this happens, insurers are not motivated to provide their best pricing and are less competitive
- The review is best carried out away from the renewal date so there is no pressure to make decisions quickly. This allows you more time to consider all options and make a more reasoned decision
- Aligns IT goals with business goals
This is a complimentary service and all work is carried out in house, ensuring that your insurers or broker remain unaware of your actions. Importantly, it is without obligation but we hope our approach will demonstrate our credentials as an alternative advisor in the provision of insurance and cyber risk management solutions.
We understand such reviews can be sensitive and so, if preferred, we are happy to work within a confidentiality framework through the operation of a non-disclosure agreement.