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Cyber insurance provides financial cover for businesses suffering from a cyberattack and protects organizations from the cost of internet-based threats.
Comprehensive Cyber Insurance & Security Policy
Why cyber insurance matters?
Any company that stores customer information or relies on technology, which includes most businesses, faces cyber risks. Security teams can take steps to mitigate cyber threats, but they cannot prevent them entirely. According to the Travelers Risk Index, 57% of business leaders think cyberattacks are inevitable.
Standard business insurance products, like general liability coverage and errors and omissions policies, typically don’t cover losses from cyber events, leaving companies vulnerable for the full cost of ransomware attacks, business email compromise scams, and other cybercrimes. These attacks can have a heavy financial toll. For example, the average ransomware attack costs USD 4.54 million, not including ransom payments.
Cyber insurance policies arose to close this coverage gap. By covering ransom payments, malware remediation and other costs, cyber policies can help companies limit their damage, recover more quickly and raise their overall level of cyber resilience.
Why Choose Cyber Insurance & Security Policy
- Proactive defense against emerging threats.
- Tailored solutions that align with your goals and industry.
- Increased organizational resilience and readiness.
- Support for achieving and maintaining regulatory compliance.
Our Cyber Insurance & Security Policy Process
What does cyber insurance cover?
Cyber insurance coverage can vary based on what the business needs, the types of data the business stores and the business’s industry. Many cyber policies offer options for first-party and third-party coverage. First-party coverage pays for the business’s direct losses, like the costs of recovering data and restoring systems. Third-party coverage pays for damage suffered by parties outside the business, like consumers who had their data stolen.
When it comes to specific losses, many cyber policies pay for things like:
- Business interruptions: If a company loses revenue because a cyberattack takes computer systems offline, cyber policies may cover some or all of those losses.
- Threat response and remediation: Insurance may pay for incident response, system repairs, forensic investigations and other services needed after a cyber event.
- Legal expenses: Cyber policies may help pay for litigation arising from a cyberattack, such as lawsuits filed by customers. Some insurance companies may supply legal representation for the insured company.
- Data breach recovery: When hackers steal personally identifiable information (PII) or other sensitive information like credit card or social security numbers, cyber policies can help cover the costs of notifying customers and providing services like credit monitoring.
- Regulatory action: Cyberattacks may lead to regulatory investigations, especially in highly regulated fields like healthcare and financial services. Cyber policies may cover the costs of complying with these audits, including any fines the company must pay.
- Reputation management: A company may need to hire a public relations firm or take other steps to repair its brand following an attack. Some cyber policies will help defray these costs.
- Ransom payments: Many cyber policies cover ransomware payments, but some insurance providers are ending or limiting this coverage because of the high costs of ransoms.
Understanding Your Security Needs and Goals
Typical cyber insurance exclusions
While cyber policies can cover a lot, there are some incidents they won’t pay for. These are called exclusions. Common exclusions include:
Breaches of third parties
A company can have its data stolen or services disrupted when vendors and other partners are breached. Cyber insurance doesn’t always pay for these losses, but some insurers offer third-party breach coverage for an added cost.
Social engineering
Because social engineering attacks like phishing manipulate people into compromising cybersecurity from the inside, cyber policies don’t always cover these losses. However, social engineering coverage is often available at an additional cost.
Insider threats
Losses caused by insider threats like malicious or negligent employees are rarely covered.
State-sponsored attacks
Many cyber policies consider these attacks acts of war and will not cover them.
Cyberattacks that exploit a known vulnerability
If hackers exploit a flaw the company knew about but didn’t fix, many cyber policies will deny the claim.
Network failures not caused by cyberattacks
Most plans do not cover outages caused by misconfigurations and other internal errors.
Uncovering Gaps and Vulnerabilities
Once we have a clear picture of your environment, we conduct a detailed analysis to identify gaps and vulnerabilities. This step involves evaluating potential risks in your systems, processes, and policies to uncover areas that could expose your organization to cyber threats.
Crafting a Tailored Security Strategy
Based on our findings, we develop a comprehensive strategic security framework tailored to your unique needs. This plan includes actionable recommendations, technology roadmaps, and priority areas to address potential weaknesses while supporting long-term resilience.
Implementing Solutions for Stronger Protection
During the execution phase, we provide end-to-end support for the implementation of security measures. This includes deploying necessary technologies, configuring systems, and delivering training to empower your team with the skills and knowledge to maintain a strong security posture.
Ensuring Continuous Security Improvement
Cybersecurity is a continuous journey. Our experts work with you to monitor your security environment, refine strategies, and adapt to emerging threats. We help you implement ongoing improvements to ensure your defenses remain robust and effective.
Take the First Step Toward Enhanced Cybersecurity
Protect your business, safeguard your data, and build resilience against evolving threats with FalconRock’s expert cybersecurity solutions.
Cybersecurity Consulting in Action
Identify key cyber threats, such as data breaches, and get personalized security recommendations with our free, easy-to-use Risk Profile tool — it just takes a few minutes.
McKesson Healthcare, for 2024, reported revenues of $309 billion and employed approximately 51,000 people. McKesson partnered with IBM to develop the McKesson Performance Advisor (MPA), a clinical-based, business predictive analytics/intelligence software solution.
Harvard Pilgrim Health Care (HPHC), as of 2023 reported annual revenues of approximately $2.23 billion, aimed to enhance the CASR II Datawarehouse with a Strategic End-to End Assessment. This project established the strategy and comprehensive requirements the CIO needed to define, develop, and operationalize all business and technical procedures to ensure end-to-end reliability and recoverability of data exchange and integration.
Biogen, a leading biotechnology company, As of 2023, Biogen reported annual revenues of approximately $9.836 billion with about 7500 employees, aimed to enhance its Commercial IT data warehouses to improve data management, reporting capabilities, and overall operational efficiency to support the Asia-Pacific (APAC) region and the US business unit.
