As cyber-attacks increase in scale, sophistication and frequency, the need for cyber insurance is becoming a necessity for organizations of all shapes and sizes. However, purchasing a cyber policy can be a very complicated process. Cyber policies are extremely particular in what they will and will not cover, therefore an organization’s size and sector play a role in its risk exposures. IT security company FireEye can help streamline that process. While FireEye is not a broker or underwriter, they are “focused on providing capabilities that enhance the role of insurance.” They seek to “update and inform the insurance community on how to best address and manage cyber risk,” which in turn streamlines the underwriting process allowing for a smooth operational and financial recovery.
In a recent whitepaper, FireEye explains why your company should consider cyber insurance. Cyber attacks and data breaches are not exclusive to large corporations. In fact, small and medium size enterprises are often more vulnerable to an attack due to their weaker IT security practices. This whitepaper helps navigate the process of finding an appropriate cyber insurance policy. It explains the need for cyber insurance, demonstrating alarming statistics, as well as the differences between policies, the role of the broker and the process of submitting claims if a breach were to occur. The process of recovering from a breach is not solely a financial process. A company must consider business interruption and a negative impact on its reputation. Purchasing a cyber policy is not a cookie-cutter approach and FireEye can assist your organization in finding an appropriate policy.