“You can’t propose that something be a universal space and at the same time keep control of it.”
So said Tim Berners-Lee, the man credited with inventing the World Wide Web. And who would know better?
In that same spirit of seeing the Internet as a loose conglomeration of ideas and innovation, with billions of people passing through at any given time, no wonder the world of cyber insurance can be so difficult to pin down.
As a result, most cyber insurance is sold a la carte. Because each business owner has a distinct set of needs, employee variables, interactions with other entities in the supply chain and customer channels, and other factors to consider, assembling an insurance plan to meet all of those needs – each of which remains fluid and subject to adjustment at all times – can require a lot of homework and planning.
Policies in this sphere are highly customized collections of modular coverage terms. Premiums and payouts can depend on a company’s history, data risks and exposures, current practices, financial health, and more. The wise business owner does not select a cyber protection policy based on cost, but rather on need.
When it works well, the premium for a cyber policy matches the business’ risk profile. To save on premium costs, in other words, make your cybersecurity systems stronger and tighter. Regardless of how well your cyber operations function, though, making sure you’re protected remains a paramount goal.
Contact the professionals at The Reschini Group for guidance on building a cyber insurance policy tailored to your precise business needs.
Copyright 2020 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
Henry Ford once famously said, as his revolutionary Model T automobile entered production for the first time, “Customers can have our car in any color they want – as long as it’s black.” With a stranglehold on the market, Mr. Ford could dictate his offering however he saw fit. Things, to say the least, have changed since then.