Cyberinsurance: post bind subjectivities

Policy cancelled! (re-enactment)

These days, cyberinsurance is driving a lot of security requirements in IT. But it can also be a huge headache trying to navigate the requirements. One common issue for companies are “post bind subjectivities” - requirements that are imposed after you have signed the policy. Recently we walked into a situation where a carrier declined to offer coverage, after:

• The application was already filled out (truthfully!) and accepted by the carrier.

• The company’s prior coverage had expired.

• The carrier did a vulnerability scan and detected issues.

This left them in a bad spot with no coverage, and being forced to scramble to find something quickly. The lesson is that you should always be scanning your own networks, be aware of what technology you have in place, and have expert guidance on what to expect during your cyberinsurance renewal. Insurance carriers are getting more sophisticated, with some using tools like Security Scorecard to identify and evaluate your vendors too!

Clear Guidance Partners is NOT an insurance agency, but does have licensed agents on staff - we take our professional knowledge seriously! Our team can help you navigate the complex world of cyber insurance, especially when it comes to security requirements. Ready for some help?