b'The Tech Cumulus October 2023. continued from Cover4 Ways To Make Sure Your Claim Doesnt Get Denied Smart businesses like yours are adding cyber insurance to their 1. Find a broker to help you understandpolicies because they know good security hygiene is just as much yourpolicy.a competitive advantage as it is a way to reduce business risk.Theres no doubt that insurance policies are tedious, filled with legal lingo that makes even the Aflac Duck sweat. Nevertheless,make certain promises. These promiseslong as you understand the promises that there are several parts to an insuranceare called the conditions of the contract.youremaking.contract you must understand, including theToday, insurance companies expect you to deck pages (the first pages that talk aboutpromise things like using MFA and passwordThis happens all the time in cyber insurance. your deductible, total costs and the limitsmanagers, making regular data backups andBusinesses promise to use MFA or host of liability), the insuring agreements (a list ofhosting phishing simulation and cyber securitytraining but dont enforce it. As in the case of all the promises the insurance company isawareness training with your employees. ICS, this is how claims get denied.making to you) and the conditions (what you4. Dont assume that the right hand knows are promising to do). Understanding the conditions is critical, but this is where most companies go wrong andwhat the left hand is doing. If your broker can help you understand themwind up with a denied claim. Goodwin sees companies make one big and you can govern yourself according to themistake with their insurance policies: making conditions of that contract, you will never have3. Make good on the promises.assumptions. I see CFOs, CEOs or business a problem having a claim paid, says Goodwin. If youve ever filled out a homeownersowners assume their MSP is keeping all these insurance application, you know youll get apromises theyve just made, even though they Some brokers dont specialize in cybernifty discount on your premium if you have anever told their MSP about the policy, he says. insurance but will take your money anyway.security alarm. If you dont have one, you mightMSPs are good at what they do, but they Be wary of those, Goodwin warns. If an agenttick Yes, with good intentions to call ADTarent mind readers, Goodwin points out.doesnt want to talk about cyber liability, thenor Telus to schedule an installation. You enjoy they either dont know anything about it or theyyour cheaper premium but are busy and forgetRegularly review your policy and have an open dont care because they wont make a lot ofto install the alarm (nobody comes around toand transparent line of communication with money off it. If thats the case, he says, takecheck anyway). your IT department or MSP so they can help all your business elsewhere. you keep those promises.Then, your home gets broken into. Guess 2. Understand the conditions.whose insurance claim is not going to beWere the architect of our own problems, Insurance companies are happy to write apaid? Goodwin says. The power is inGoodwin says. And the agents of our own check if youre breached if and only if youour hands to ensure our claim gets paid.salvation, if were prepared to work with a Theres really nothing to be afraid of asquality broker and make good on our promises.I DIDNT KNOWUnfortunately, That Excuse Doesnt Replenish Your Bank Account, Cartoon Of Resolve A Data Breach Or Erase Any Fines And Lawsuits.Its coming . The Month That day a hacker steals critical data, rendering your office useless . That day whenyour bank account or credit card is compromised . Or that day whenyour customers private lives are uprooted .Cybercriminals and hackers are constantly inventing NEW ways to infiltrate your company, steal your assets and disrupt your life. The ONLY way to STOP THEM is this:You Must Constantly Educate Yourself On How To Protect Whats Yours!Now, for a limited time, we have the perfect way to help reduce your risk and keep you safe! Simply sign up to receive our FREE Cyber Security Tip of the Week. Well send these byte-sized quick-read tips to your e-mail inbox. Every tip is packed with a unique and up-to-date real-world solution that keeps you one step ahead of the bad guys. And because so fewCongratulations on the discovery.people know about these security secrets, every week youll learn something new! Good luck getting it insured.Get your FREE Cyber Security Tip of the Weekat www.Kloud9IT.com/weeklysecuritytipTechnology That Works!216-393-24842'