Using CRQ to Improve your Cyber Insurance Policy

Optimizing Cyber Insurance Decisions

Ask for a demo

By providing my contact information and ticking the box below, I agree to Kovrr's Privacy Policy and consent to communications from kovrr at the contact information provided.

I agree to receive other communications from Kovrr.

Thank you!
Your submission has been received!

Oops! Something went wrong while submitting the form.

Cyber Insurance Policy Improvement FAQs

Speak to an Expert to Learn More

Why is CRQ essential before negotiating a cyber insurance policy?

Harnessing CRQ insights is essential before a cyber insurance negotiation because you will discover which specific business loss scenarios your organization will need coverage for and how high or low deductibles should be. Without this information, you'll likely receive a policy that is based on industry benchmarks rather than your company's unique cyber risk landscape, leaving your company open to uncovered loss areas.

What information does Kovrr’s CRQ offer for policy optimization?

Kovrr's CRQ platform offers a breakdown of your organization's financial exposure according to its unique cyber risk posture. Stakeholders will glean how likely the business is to suffer from various loss scenarios, along with the respective severities. Leveraging this information, CFOs can negotiate for customized policies that ensure that the cost of transferring the cyber risk to the insurer is economical.

Will Kovrr’s CRQ platform inform me of my average expected loss?

Yes. Using a Monte Carlo simulation to forecast your organization's potential cyber loss in the upcoming year 10,000 times, Kovrr's CRQ models generate an average annual loss. This figure communicates the amount CISOs and cyber risk managers should expect to plan for. If this forecasted loss is lower than the deductible, it typically indicates you can negotiate for a more cost-effective policy with a different deductible, limits, or sub-limits.

How does breaking loss expected loss scenarios help to optimize insurance coverage?

By breaking down loss scenarios into different categories, CISOs, CFOs, and other decision-makers can negotiate a policy that is custom-tailored. For example, Kovrr's CRQ may show that the organization has a high chance of suffering a high loss due to a business interruption but a low chance of suffering a loss due to ransomware. In that case, stakeholders can reallocate the insurance budget, investing in those areas most likely to cause damage.

Industry Recognition