As indicated by the graph, cyber security is a growing concern yet cyber insurance is not perceived as a key part of the enterprise cyber risk management strategy. No wonder the sales cycle to close a cyber insurance deal is over 12 months!
Know your client’s and prospect’s total investment in cybersecurity tools. What products do they use? Do vendors stand behind these products with security guarantee? Is the cybersecurity function internal CISO’s (Chief Information Security Officer) or outsourced to Managed Security Providers (MSP’s)? Do they have affordable contingent capital available to cover the costs of a breach response plan?