CMI are excited to be partnering with Verlingue, one of Europe’s largest independent insurance brokers to bring cyber insurance and risk management advice and support to our clients.
Cyber-crime continues to escalate, fuelled even further by the pandemic leading the commercial risk management industry to identify cyber security as one of the biggest risks for most organisations.
When cyber-attacks (such as data breaches and hacks) occur, they can result in devastating damage, such as:
- Business interruption in the form of revenue loss
- Legal fees
- Reputational damage
- Data Restoration Costs
- Mandatory Notification Costs
- It is important to remember that no organisation is immune to the impact of cyber-crime
Insuring your business against the risks of cyber crime is essential, and as with any insurance cover, it is critical that good advice is taken to ensure your coverage is appropriate. As a result, cyber and data insurance has become an essential component to any risk management programme.
All cyber insurance policies will dictate that you have taken steps, and in many cases very specific steps, to strengthen your security posture and reduce your risk of a cyber breach. Too often failure to meet these requirements ends up in policies failing to pay out. And increasingly, CMI are hearing that underwriters are refusing to take an organisation under cover without evidence that strong security measures are in place.
For this reason, we chose to partner with a risk management insurance firm who could help CMI provide our clients with a full cyber risk mitigation service. CMI has worked closely now with Verlingue for a number of months and it became quickly clear that they have very similar values to CMI, operating very keenly as business partners to their clients rather than just an insurance brokerage.
The risk management team at Verlingue work closely with our own cyber experts to understand the technology, people, and processes that you have in place to mitigate your security risks, and with this information and their own experience and knowledge of the cyber insurance market, will help you find the right cyber coverage.