…and use a specialist broker.
[…] After consulting with experts, Bounds offers the following suggestions as a means to drive down perceived risk and possibly lower premiums. Those responsible in the company:
- Should consider buying more cybersecurity coverage when there’s a heavy reliance on technology due to the lack of in-house cybersecurity expertise;
- May find they need less insurance coverage if appropriate cybersecurity practices are employed, and there are in-house experts; and
- Should keep insurers informed on how they communicate cybersecurity measures to employees.
The best suggestion I found was from Gavin Phillips in his MakeUseOf commentary Do You Really Need CyberInsurance? 4 Questions to Ask Before You Get It. He spent several paragraphs explaining the importance of reading the “fine print.”