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Hi Team-

My company is evaultaing whether to purchase Cyber Insurance. Mostly because of ransomare etc…

Could anyone recommend a good company to checkout?

7 Spice ups
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We use Philadelphia Indemnity. I don’t know the reasons why, or how we reached that conclusion because I wasn’t involved in the selection. We haven’t had to use it but it was mandated by some contracts we hold with clients. It was possibly recommended by a broker, and my guess is cost probably played into the decision. I have no idea how much we pay for it.

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Isn’t there a better cybersecurity insurance than a sound, smart and tested backup plan and strategy to protect resp. recover of ransomware?

In my country, there are two specialized insurance companies and programs for SME worth of consideration. Didn’t take a closer look on the requirements they impose in order to get coverage nor to get premium discount. Couldn’t read anything about your company, structure and size, neither in your post nor in your profile. Such a term might be misleading. You’ll need to have a closer look to see if their coverage matches your needs. And it can be possilby included or as an option of another program not necessarily including such a term as it may relate to risk management or to business continuity.

And why do you ask for a good insurance company instead of a good insurance program?

And the benefits of an insurance program might not be limited to money (compensation) for security incidents. Good programs should include technical and other non-financial services too for cases of an incident, i.e. reputation management, incident analysis, victim communication management, …

1 Spice up
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Hello! At KnowBe4, we have a ransomware guarantee that we will pay for your ransom if your organization gets hit with ransomware due to human error of an employee.

Feel free to PM me if you would like more details. :slight_smile:

@KnowBe4