How you can hack your insurance
If you're on the internet you have heard about cyber risk and how it can result in the loss of sensitive information or money. Chances are your organization doesn't take much action towards cyber risk because it is hard to understand how or when it might cause an impact. Today you are going to be the hero of your organization by suggesting one thing: hack your insurance company.
No we're not talking about maliciously breaking into insurance companies to steal personal information, we're talking about "risk hacking" - testing your protocols and learning what can be done by applying for insurance coverage.
You might be thinking - what do you mean? It is important to understand insurance companies put a lot of time and effort into making sure they are insuring businesses that wont have a claim. They get companies to fill out several pages of applications to make sure they have the right protocols in place in order to avoid a claim. Although this might seem like a tedious process it is amazing how much value can be added to an organization by filling out this information.
When it comes to cyber exposure insurance companies can do a lot to help your organization (below you will find additional information on what type of information they are looking for when you apply for insurance). This goes for both executives and IT professionals who are continuously debating on the topic. Insurance applications are a great way to get a third party opinion on the vulnerabilities and strength of your existing cyber strategy.
The best part? It's Free! Insurance companies don't usually charge a fee until an insurance policy is bound. This means they can provide your organization with plenty of value even if an insurance policy is not purchased.
Hack away! Ask your insurance broker about cyber insurance and use the application process to test the boundaries of your cyber strategy. Who knows, maybe at the end of the day your organization might determine the insurance policy is worth it.
What do you think?
The Base Team
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