Cyber insurance has moved from the fringes of the cyber industry to the centre of action. It is advisable these days that an organisation has insurance, covering cyber incidents and the consequential loss of time/data/money, and third party claims.
BDO can assist in:
- Cyber insurance gap assessments. Many times organisations will procure cyber insurance without understanding the detail of the insurance policy – and how it relates back to their risk register and risk appetite. By comparing the technical and legal detail of an insurance contract with the risk register and profile of an organisation, BDO can identify potential gaps. Any gap could potentially mean that an organisation is not covered, under covered or perhaps overly covered (which might not correspond to the risk appetite of the Board).
- Cyber insurance claim preparation. In the event of a cyber incident, BDO can also assist with the preparation of an insurance claim – especially because these claims contain technical detail that has to be presented in a certain manner in order to be successful.