Xantrion is committed to cybersecurity best practices. Now more than ever the partnership between businesses, insurance companies, and IT solutions providers is business critical. As cybercrime continues to rise, businesses are only fully protected if their cybersecurity program includes both state-of-the-art technology – to significantly reduce the likelihood and consequences of a cybersecurity breach, and cyber insurance – to reduce cybercrime liability.
Top 10 Ways to Manage the Cost of Cyber Liability Insurance in California
In the past, getting a high-quality, affordable policy was as simple as providing your revenue and some basic information about your cyber security controls. Today, you must fill out a detailed annual questionnaire about your security practices, and if your answers are not satisfactory, you could see your premiums skyrocket – or worse, be denied a renewal on your existing policy and be unable to get a quote from other insurers.
Xantrion provides consultative advice to the foundation on cyber liability insurance coverage, risk exposure, and insurer’s requirements. “We assess annually to ensure we are taking every preventive security measure available, and Xantrion is able to offer thoughtful advice and solutions,” the CFO says.
Understanding Cyber Liability Insurance in California
More and more insurance firms are separating cybersecurity coverage from general liability insurance policies. Therefore, it’s important to ensure you have coverage for a potential incident such as a ransomware attack, compromise of sensitive information, or funds transfer fraud.