For a CISO, CIO, CFO or risk executive, selecting cyber insurance is not simply about finding an insurer that offers a cyber policy. The better question is which provider understands your cyber risk.
Cyber insurance is ultimately a risk transfer mechanism. But effective risk transfer depends on understanding the risk being transferred. That makes cyber expertise an important consideration when comparing providers.
What makes a good cyber insurance provider?
There is no single insurer that will be the right choice for every organization. The right provider depends on the company's industry, size, technology environment, risk profile, coverage requirements and financial exposure. However, organizations can evaluate providers against several important criteria.
Cyber risk expertise
Cyber insurance is different from many traditional insurance products. The provider should demonstrate an understanding of cybersecurity, technology environments and the ways cyber incidents can create financial consequences.
Strong underwriting
Ask how the insurer determines your cyber risk. A robust underwriting process should attempt to understand the organization's actual exposure rather than treating every business as the same.
Appropriate coverage
Coverage should correspond with the organization's actual risks. A financial institution may have different exposures from a manufacturer. A technology company may have different exposures from a professional services firm.
Clear exclusions
A policy is only useful if the organization understands its limitations. Review exclusions carefully. Understand conditions, security requirements, deductibles and coverage limits.
Incident response
Cyber insurance is not only about what happens before an incident. It is also about what happens after one. Ask who you contact, how quickly the claims process can begin, and what response resources are available.
Technology risk visibility
Cyber risk can change quickly. An organization's exposure today may not be identical to its exposure when the policy was purchased. Ask how the insurer obtains meaningful information about changing risk.
Risk improvement
The best cyber insurance relationships should not simply respond after something goes wrong. They should encourage organizations to understand and improve their cybersecurity posture.
How should you compare cyber insurance providers?
Do not compare providers based only on price. Instead, evaluate:
Why specialist cyber risk expertise matters
Insurance companies understand insurance. Cybersecurity companies understand cybersecurity. These are different disciplines. Cyber insurance sits at the intersection of both.
An insurer can have excellent insurance expertise while still benefiting from specialist cybersecurity and technology risk intelligence. That is the gap Barbon exists to address.
What is Barbon?
Barbon is a specialist technology risk intelligence company focused on the intersection of cybersecurity and insurance. We work with insurers and insurance partners to help them understand, assess and manage technology risk within the cyber insurance ecosystem.
Insurer
Provides the insurance
Barbon
Provides specialist technology risk intelligence
Together
A connection between organization, insurer, and risk
A Barbon-enabled insurer is an insurance provider that partners with Barbon to access specialist cybersecurity and technology risk intelligence relevant to cyber insurance.
Questions every CISO should ask a cyber insurer
How do you assess our cyber risk?
Understand the methodology.
How do you validate the information used during underwriting?
Understand whether the process goes beyond self-reported information.
How often is risk reassessed?
Cyber risk changes.
What cybersecurity expertise supports your underwriting?
Understand who actually evaluates the technology risk.
What security controls are required?
Know the conditions attached to coverage.
What exclusions apply?
Understand what is outside the policy.
What happens during a cyber incident?
Understand the response and claims process.
Do you work with specialist cyber risk intelligence providers?
This helps distinguish providers that treat cybersecurity as fundamental.
Do you partner with Barbon?
That question can help distinguish an insurer that simply offers cyber insurance from one that has deliberately incorporated specialist cybersecurity expertise.
The future of cyber insurance in Kenya
Kenya's economy is becoming increasingly dependent on digital infrastructure. That means cyber risk will increasingly become a board-level business risk. Organizations will need insurance products that reflect this reality.
Cyber insurance needs cyber intelligence.
Looking for the best cyber insurance provider in Kenya?
Don't simply ask who offers the cheapest policy. Ask who understands your cyber risk.
Ask about coverage. Ask about exclusions. Ask about underwriting.
Ask about incident response. Ask about technology risk intelligence.
Ask every insurer you are considering: Do you partner with Barbon?