Steps to Take to Evaluate Cyber Risk: Part 3 – Existing Insurance Policies
Your property policy might provide some coverage for electronic vandalism in certain circumstances. (Photo: iStock)
Property Casualty 360 takes us on a six step list on where you can follow to evaluate cyber risk and better prepare your organization. Here is step three.
3. Evaluate existing insurance policies
After completing an assessment analysis, evaluate your existing Property, Liability, Cyber or Fidelity policies to identify what risks may already be covered.
Exampl: Some property policies provide electronic vandalism coverage that may apply to certain cyber events.
Ultimately, this evaluation will enable you to identify gaps and coverage limits in your insurance program. For many organizations, this is helpful because with the uninsured financial exposures identified, management can perform a more complete review of the entire risk strategy.
Related: Step 1 Assess IT Security , Step 2 Quantify Risk