If your cyber liability insurance policy is up for renewal in the coming months, knowing some cyber liability market factors is essential. The increase in cyberattacks is causing shifts in carriers’ policies that could affect your renewal.
As we have previously discussed, there has been a stark increase in cyber claims in the past two years. The dramatic increase in attacks is causing carriers to enforce stricter cyber security measures to qualify for coverage. Insurance carriers now require their clients to include multifactor authentication, offline backups, and spam filtering in their cyber security practices. You can read more about each of these provisions in our previous blog, Preventing Cyber Claims for Medical Practices.
Adding these elements to your cyber security will safeguard your data and stabilize your cyber liability premiums in this aggressive market. Failure to comply with your cyber liability insurance carrier’s new cyber security requirements by your renewal date could result in the policy's non-renewal or higher premiums.
Updating your cybersecurity does not have to be a massive undertaking. If you currently have an active cyber liability insurance policy, your insurance carrier can help you navigate the changes and implement them into your operations before your renewal.
Please see the different client portals offered by Professional Risk’s affiliated cyber liability carriers below. Please contact us if you are unsure if you have a current cyber liability policy or need assistance accessing your client portal with your carrier.
Beazley’s Breach Solutions provides clients with resources for incident response planning, employee training, compliance, and security best practices. Beazley can also assist their clients in setting up things such as multifactor authentication and offline backups.
If you have a cyber liability policy with Beazley but have not registered your account with Beazley’s Breach Solutions, you will need to contact your service specialist. They will arrange for an activation code to be sent to you directly from Beazley and assist you with further instructions for setup.
Tokio Marine HCC’s (TMHCC) CyberNET offers clients risk scans, cyber training, access to cyber experts, and multi-factor authentication setup. TMHCC is available to help its clients prepare for the changes in the cyber market and help them create the best defense against malicious actors.
If you have a cyber liability policy with TMHCC but have not set up your account in CyberNET, you can register for their services here: https://www.tmhcccybernet.com. Provide your company name and cyber liability policy number to register your account. If you need assistance finding your policy number, please contact your Professional Risk service specialist or visit CSR24 to access all your policy documents.
Coalition gives insureds access to their online portal, Coalition Control. Here they provide access to free cyber security tools such as automated threat and intelligence alerts, security benchmarking, and more! Insureds are also privy to 24/7 access to expert incident response teams.
If you have a cyber liability policy with Coalition but have not set up your account in Coalition Control, you can register for their services: Coalition Control (coalitioninc.com). You will need your company email to register this account.
At-Bay provides more than just quality cyber insurance solutions. Policyholders also gain access to free active risk monitoring throughout the duration of their policy. These services include real-time security alerts, support from their security team, and incident response expertise.
To set up these services, email firstname.lastname@example.org with the following information for your IT security team or the person in charge of overseeing cyber security in your company: