Cyber liability policies start with a complex application process that can be overwhelming for even the most sophisticated organizations.
Companies that go into this process without doing their due diligence can even see their application for coverage denied altogether.
The following are common reasons cyber insurance applications are denied:
- Inadequate cybersecurity testing procedures and audits.
- Inefficient processes to stay current on new releases and patches.
- Inadequate cyber incident response plans
- Inadequate backup processes and recover procedures
- Inadequate policies concerning the security of vendors and business partners
- Poor quality security software and employee training
- Lack of adherence to a published security standard
Download the “Common reasons cyber liability insurance applications are denied” – pdf