How Good Cyber Liability Insurance Coverage Terms Can Make Your Residual Risk Manageable
Once you have been able to assess the organization’s residual risk, you can focus on cyber coverage to manage this associated risks. We do this by running a monte carlo simulation on a variety of parameters like the size of your organization, type of business you run, and a variety of factors about your IT Organization. In the end, you should be able to communicate the remaining risks to your Board with levels of confidence. Example: A residual risk exists with a median annual loss of $500K with a 95% confidence level that losses would be under $950K.
Good Cyber Liability Insurance Coverage Terms would lower these losses numbers to a level that is acceptable. It is entirely possible that for a premium of $10K, median losses could be reduced to $50,000: provided that Good Cyber Insurance Coverage Terms are provided in the policy. This is just good risk management.
So what are some Good Cyber Liability Insurance Coverage Terms you must look for before buying Cyber Liability Coverage ? Read on.