Unfortunately, There Is No “One Size Fits All” Approach To Cyber Insurance
Every sector and every size or organisation has to be accommodated and there are just too many variables around levels of protection for there to be any easy and effective method of scoring every type of businesses for Cyber underwriting purposes on a consistent and cost-effective basis. The lack of widely-adopted Cybersecurity Standards also represents a big challenge. GDPR is however a big step forward.
Trustify has designed a Cyber Risk Insurance Framework in collaboration with a leading Business Insurer. This new CRIF and associated Underwriting model is linked directly to the level of Risk Mitigation and Cyber protection you have deployed in the run up to a CRIF Assessment. The key objective of this approach is to reduce the cost of insurance cover and improve overall Cybersecurity posture. Once assessed and rated the work can begin to mitigate the risks. Cover can be secured and compliance can be achieved over time.
The 5 Steps to Securing your Business
Cyber Risk Assessment
Cyber Risk Rating
Cyber Risk Mitigation
Cyber Risk Cover
Cyber Risk Compliance
The process results in a culture of continuous monitoring and compliance. The key business objective is to reduce the cost of protection over time. Call it a self-improvement plan.