Using CRQ to Improve your Cyber Insurance Policy

Optimizing Cyber Insurance Decisions

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Leveraging CRQ to Achieve Highly Customized Cyber Insurance Policies

Watch the video and learn more about how Kovrr’s on-demand cyber risk quantification solution can help organizations optimize and reduce costs on cyber insurance.

Understanding Cyber Insurance

One of the most common approaches to managing cyber risk is to adopt a cyber insurance policy, ideally offsetting any financial damages incurred due to a cyber attack. Common cyber insurance coverage loss scenarios include business interruption, data theft and privacy, third-party liability, ransomware and extortion, third-party service provider failure, and regulatory compliance.

Assessing Risk Appetite

Cyber insurance policies are generally purchased when the potential cost of a cyber risk surpasses an organization's risk appetite levels, but the cost of mitigation is too high. A business's risk appetite level, or the amount of financial risk it is willing to take on, varies, and therefore, so, too, will be its approach to cyber insurance.

Identifying Coverage Gaps With CRQ

Leveraging Kovrr's on-demand CRQ solution, organizations can easily identify the gaps in their policies. For instance, after running a quantification, cyber risk managers may discover the company is highly likely to experience a business interruption scenario but likely to suffer from compliance costs. In this case, they can reallocate resources and retailer policies to reflect this risk landscape

Negotiating With Insurers

The insights that can be found on Kovrr's CRQ platform should be utilized at the negotiation table. Highlighting the quantified loss likelihoods, which are based on objective data specific to the organization, risk managers and CFOs are empowered with the information necessary for achieving highly targeted terms, conditions, and premiums that are cost-effective. 

Best Practices for Utilizing CRQ

When using Kovrr's CRQ for cyber insurance coverage optimization, executives can review how likely they are to exceed premiums for specific loss scenarios. If the likelihood is low, it may be a good indication that premiums, limits, and sub-limits can be lowered, and resources can be reallocated to a loss scenario more likely to surpass its premium. 

Cyber Insurance Policy Improvement FAQs

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Why is CRQ essential before negotiating a cyber insurance policy?

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

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

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

Negotiate the Optimal Cyber Insurance for Your Organization Today

Cyber insurance is an excellent strategy for managing cyber risk. However, to achieve custom, cost-effective policies that match an organization’s unique risk landscape, executives need to leverage CRQ for deeper insights.

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