Let’s say you’re up to date on all the latest trends in cyber security. Your organization has the best possible security measures in place and your data breach response plan is ready to go. But what about other third-party vendors that use your information? What type of cyber security systems do they have in place? What type of cyber insurance do they carry? Despite all of your precautions, third-party vendor breaches can still put your organization at serious risk. It’s imperative that you have the right cyber liability insurance policy to protect against this kind of exposure.
A cybersecurity breach of your third-party vendor isn’t only catastrophic for that vendor alone. It directly affects your organization as well. A recent breach of bank holding company, Capital One, resulted in a breach that affected more than 100 million user accounts. This occurred when Capital One was using Amazon Web Services (AWS) as a cloud platform and a prior AWS employee hacked the AWS system. She gained access to Capital One’s data and the personal information of millions of people. AWS was only required to notify Capital One of the breach, leaving Capital One with the fallout and financial implications.
Another recent breach of the medical bill and debt collector, American Medical Collection Agency, resulted in the theft of information from multiple large clients, including Quest Diagnostics, LabCorp, and Sunrise Laboratories.
Doing business with another organization can put your business at risk. It’s imperative that you properly vet your vendors as any potential cyber vulnerability or flaw could affect you as well.
In the event one of your vendors is affected, an experienced, efficient, and reliable cyber liability insurance policy is a necessity.
Evaluating your vendor’s cyber security posture is an important part of your cyber security risk management. This includes a strong cyber insurance policy to provide a backstop if, or when, your vendor has a breach. ProWriters offers 20 years of experience in the industry with the best possible customer service to protect your organization from ever-evolving cyber threats to your or your third-party vendor.
Five Characteristics to Look for in Your Cyber Liability Insurance Carrier
ProWriters believes in saving your precious time. We’ve made a complex and complicated field easy to understand. We’ve eliminated all unnecessary questions in our underwriting manuals to simplify the rating process. There is no need for duplicate data entry and we won’t burden you with redundant tasks. Here at ProWriters, we consistently evaluate and optimize our processes and technology to be as efficient as possible.
When enlisting a third-party vendor to protect you from possible data breaches or liability claims, it’s important that they keep you up to date on the latest in cyber security and insurance. Cyber threats are going to continue to evolve and it’s important that you keep up. ProWriters offers a number of resources to educate you on the latest in the industry and cyber security vendor management. Our risk management materials help you minimize your organization’s cyber exposures and our blog has the latest news, guidance, and recommendations on how to best protect you and your organization.
Complex exposures require flexibility in underwriting and coverage. It’s important to find a vendor who provides you with the options necessary to fit your organization’s specific needs. At ProWriters, our Cyber IQ Comparative Rate Platform allows users to instantly compare multiple quotes from multiple carriers. In addition, our flexible Cyber Liability Insurance program offers broad coverage designed to cover privacy, data, and network exposures. This process optimizes your time so you get the best possible coverage to fit your needs, without taking all day.
Navigating a third-party liability claim or cyber exposure can be complex. It’s imperative that your cyber security team has experience and expertise in the field. Without a vendor you can trust, you’re putting your organization at risk of financial, reputable, and potentially punitive damages. ProWriters offers 20 years of experience in the ever-evolving industry, making us a time-tested, knowledgeable, and trustworthy source.
- Customer Service
Above all, your experience with your third-party vendor can make or break a relationship. While an organization may have the expertise, without proper communication and guidance you’ll be left in the dark. ProWriters offers the best service and support available. While we pride ourselves on our industry knowledge, our service is unparalleled.
ProWriters Makes It Simple
When choosing your cyber liability insurance carrier, it’s important to find an experienced provider and the coverage necessary to protect you in the event your vendor has a breach and your information is exposed. ProWriters has established trusted partnerships with top carriers to bring brokers the best cyber products, backed by true cyber and insurance expertise.
To learn more, contact us today or call a ProWriters expert at (484) 321-2335.