1.0 - Introduction
Managing cyber insurance policies can be a challenge, especially when juggling multiple clients and coverage details. HighGround simplifies this process by providing a centralized space to add and manage your clients cyber insurance policies.
With everything organized in one place, you can quickly access important policy details, help you clients stay on top of their renewal dates, and ensure your and your clients both know where your responsibilities lie.
2.0 - Why your clients should have Cyber Insurance
Financial Protection: Cyber incidents can be costly. Whether it’s paying for forensic investigations, legal counsel, or regulatory fines, cyber insurance can significantly reduce out-of-pocket expenses.
Business Continuity: A cyberattack can bring your operations to a halt. Insurance can cover lost income and additional expenses needed to get your business back up and running.
Regulatory Compliance: Many industries have strict regulations around data protection. If a breach occurs, non-compliance can lead to hefty fines. Cyber insurance can help manage these costs.
Reputation Management: A data breach can damage your business's reputation. Cyber insurance often includes access to PR specialists who can help manage communications and restore customer trust.
According to recent studies, small and medium-sized businesses (SMBs) are increasingly becoming targets for cybercriminals. Many SMBs lack the advanced cybersecurity infrastructure of larger corporations, making them vulnerable to attacks. Investing in cyber insurance is a proactive step that not only provides financial security but also ensures expert guidance when responding to 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 record your clients cyber insurance policy, including all key policy details, including:
Broker Name: The name of the insurance broker.
Underwriter: The company underwriting the policy.
Policy Start and Expiry Dates: When the coverage begins and when it will expire.
Cover Amount: The total coverage provided by the policy.
Excess and Cost Price: Financial details related to deductibles and premiums.
Obligations: your contractual obligations you must meet for this policy to be valid and claimable on.
Exclusions: what the policy will not cover!
While this preview offers a snapshot of essential information, there’s much more to explore when creating a new policy in HighGround.
You can even upload copies of the policy documents too!
4.0 - Adding a Cyber Insurance Policy to HighGround
Adding your cyber insurance policies to HighGround is a streamlined process designed to ensure all critical information is organized, accessible, and easy to manage.
HighGround’s intuitive interface provides predefined fields for required information, making the process quick and hassle-free.
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 specifics, including premiums and excess amounts.
Policy Documents: upload copies of the policy documents.
These are just a few of the fields included when adding a policy to HighGround.
We've designed the platform to capture every necessary detail, ensuring that your policies are thoroughly documented and easy to reference.
Once you've completed all the required fields, simply click 'Save' to finalize the process.
Your policy will now be displayed within the Cyber Insurance Policies data section, ensuring quick access and improved governance over your insurance documentation.