EXPERT GUIDANCE FOR THE PATH AHEAD
State-of-the-Art contractual coverage blended with network security loss control and related service agreements may result in coverage for unintentional breach of contracts, fewer and less onerous exclusions for security and privacy breaches and control of defense by the Named Insured. In addition, first-party cyber-extortion, network business interruption and extra expense and damage to data and applications can be integrated with the third-party E&O coverage to insure against internal economic loss.
Buying insurance that fits the risk can only be accomplished through a thorough exposure identification based on the financial impact a product or service failure would have on your end users. Premium savings are the end-result when technology E&O insurance contract are align with a specific risk.
As your trusted advisor, RCP understands this shift and will help you address the cybersecurity challenge, including guidance on the development of a enterprise-wide breach response plan (BRP). RCP’s process includes:
- Identifying critical infrastructure vulnerability – those critical corporate assets you want to protect
- Assessing the controls used to protect those assets
- Devising a cyber risk management strategy that addresses your people, processes and technology
- Understanding the company’s philosophy from protection to preparedness, so your company is ready to respond and recover from a cyber-attack
- Providing guidance on a inter-departmental breach response plan that identifies specific post-breach responsibilities by department (IT, Legal, Risk, Investor Relations)
- Designing a competitive cyber insurance program that specifically addresses your company’s digital assets at risk
- Negotiate on your behalf with leading underwriters in the USA and Lloyd’s of London