Getting Cyber Insurance Right: 5 Practical Tips

Having good cyber insurance coverage is an important component of managing enterprise-level risk, and getting it right has never been more important. As cyberattacks continue to remain the rule, not the exception, insurers are rapidly adjusting their cyber insurance approaches and offerings, including by taking a more "hands-on" approach to assessing the insured party's cyber readiness maturity.

We have put together five tips for organizations to keep in mind when they secure or renew their cyber insurance policies:

1. Purchase coverage under a cyber policy specifically. Insurers offer specific cyber policies and are increasingly seeking to exclude cyber coverage from their other policies. For that reason, it is risky to rely on general commercial, D&O or other insurance policies as sufficient to provide a patchwork of coverage that will insure your organisation in the event of a cyber incident. The Ontario Court of Appeal's decision in Family and Children's