1.0 - Introduction
Managing cyber insurance policies can quickly become a daunting task, especially when you're juggling multiple clients and tracking various coverage details. HighGround makes this process easier by providing a centralized platform where you can add, organize, and manage all your clients' cyber insurance policies in one place.
With everything neatly organized, you’ll have instant access to important policy details. This not only helps you keep track of critical information but also allows you to stay on top of your clients' renewal dates.
By ensuring that both you and your clients are clear on responsibilities and coverage, HighGround helps streamline the process, giving you peace of mind and reducing the risk of missed deadlines or miscommunication.
2.0 - Why your clients should have Cyber Insurance
Financial Protection: Cyber incidents can come with significant costs. From forensic investigations and legal fees to regulatory fines, the financial burden can quickly escalate. Cyber insurance helps alleviate these expenses, giving your clients the financial security they need to recover without breaking the bank.
Business Continuity: A cyberattack has the potential to bring business operations to a halt. Cyber insurance can cover lost income and additional costs needed to restore operations and get your business back up and running as smoothly as possible.
Regulatory Compliance: Many industries face strict data protection regulations, and a breach can result in heavy fines for non-compliance. Cyber insurance helps mitigate the financial impact of such penalties, helping businesses stay on track with regulatory requirements.
Reputation Management: A data breach can severely damage a company’s reputation. Many cyber insurance policies include access to public relations specialists who assist in managing the aftermath of a breach, helping businesses communicate effectively and restore customer trust.
In today’s world, small and medium-sized businesses (SMBs) are increasingly becoming targets for cybercriminals. Without the robust cybersecurity infrastructure of larger organizations, these businesses are more vulnerable to attacks. Investing in cyber insurance is a proactive measure that not only offers financial protection but also ensures access to expert guidance in the event of a breach.
3.0 - Managing Cyber Insurance Policies in HighGround
In the Governance & Resilience module of your client's dashboard, you'll find the Cyber Insurance tile.
By selecting this tile, you can easily record and manage your client's cyber insurance policy, including key policy details such as:
Broker Name: The name of the insurance broker handling the policy.
Underwriter: The company underwriting the insurance coverage.
Policy Start and Expiry Dates: The dates marking when the coverage begins and when it expires.
Cover Amount: The total coverage provided by the policy.
Excess and Cost Price: Financial details including deductibles and premiums.
Obligations: Your contractual obligations required to keep the policy valid and claimable.
Exclusions: Specific areas that the policy does not cover.
While this overview offers a snapshot of essential information, there’s much more to discover when creating a new policy in HighGround.
You can even upload copies of the policy documents for easy reference and secure storage!
4.0 - Adding a Cyber Insurance Policy to HighGround
Adding your cyber insurance policies to HighGround is a streamlined process that ensures all critical information is organized, easily accessible, and simple to manage.
HighGround’s intuitive interface offers predefined fields for the necessary details, making the process quick, efficient, and hassle-free. With everything in one place, you can manage your client’s insurance policies with ease.
Required Fields for Adding a Policy:
Insurance Type: Specify whether the policy is Primary or Excess insurance.
Broker Name: Identify the broker who provided the policy.
Underwriter: The company underwriting the policy.
Policy Duration: Include both the start and end dates of the policy.
Cost & Excess: Financial details, including premiums and excess amounts.
Policy Documents: Upload copies of the policy documents for easy reference.
These are just a few of the essential fields when adding a policy to HighGround. We've designed the platform to capture all necessary details, ensuring your policies are fully documented and easy to access.
Once you’ve filled out the required fields, simply click 'Save' to finalize the process.
Your policy will then appear in the Cyber Insurance Policies section, providing you with quick access and enhanced governance over your insurance documentation.