Cybersecurity Insurance Renewal: Keep Your Rates Low and Reduce Your Risk of Denied Coverage
March 17, 2023
By Kate Siegrist
Has your cybersecurity insurer asked you to complete a new or more rigorous questionnaire to renew or increase your cyber insurance policy? If the answer is yes, you’re not alone. And, there is good reason to take this questionnaire from your insurance provider seriously.
The cybersecurity insurance industry has been rocked by the increasing number of breaches in the last couple of years. As a result, insurers are more particular about who they will insure, what they consider to be adequate mitigation controls, and what the premiums will be.
Not taking the questionnaire seriously could carry real risks for your business, including:
- Higher premiums
- Denied coverage
- In the event of a breach, you may be denied a claim if you were found to misrepresent your cybersecurity controls
We can help with your Cybersecurity Insurance Coverage Renewal Questionnaire
Are you concerned that you answered “no” to some of the Cybersecurity Insurance Renewal Questionnaire questions? EisnerAmper’s team can assist you with translating the questionnaire and improve your cyber maturity posture so that you can increase your chances of obtaining the coverage you need and manage premium costs. Further, having a mature cybersecurity program in place will help protect you from a denial of coverage should you experience a breach.