If your cyber liability insurance policy is up for renewal in the coming months, it’s essential to be aware of some cyber liability market factors. 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 are now requiring 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 non-renewal of policy or incur 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. If you are unsure if you have a current cyber liability policy or need assistance accessing your client portal with your carrier, please contact us.
Beazley’s Breach Solutions provides clients 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 and 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-
Tokio Marine HCC’s (TMHCC) CyberNET offers clients risk scans, cyber training, access to cyber experts, and multifactor authentication setup. TMHCC is available to help their 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. You will need to provide your company name and your 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.