Cybersecurity Insurance Renewal: Keep Your Rates Low and Reduce Your Risk of Denied Coverage

January 12, 2022

By James Redman, Kate Siegrist and Bill Bodner

Key Points

  • Cybersecurity insurers have been issuing new questionnaires for their customers to ensure up-to-date protocols are in place.
  • If you received one of these questionnaires, be sure to take it very seriously as insurers are becoming more particular about who they insure considering the growing number of security breaches over the past year.
  • EisnerAmper's Technology Assurance experts can help with your Cybersecurity Insurance Coverage Renewal Questionnaire.

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? Our Technology Assurance 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.

Contact us to discuss your questions.

If there are any areas you would like assistance with, either the questionnaire, an assessment, or other cyber concerns you have already identified, we are here to help.

About Kate M. Siegrist

Kate Siegrist is a Partner with over 20 years of combined experience advising CEOs, CISOs and CIOs. She helps her clients navigate highly regulated industries to ensure business opportunities are not missed due to compliance burden.

About Bill Bodner

Bill Bodner is a Director and IT Consulting professional.

Have Questions or Comments?

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