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Use Case

Optimize Your Cyber Risk Insurance Coverage

Examine the value of your cyber risk insurance coverage or negotiate a new cyber insurance policy through the lens of Cyber Risk Quantification with C-Risk. With your most costly cyber risks identified and quantified in financial terms, you are better equipped to make an informed decision on your policy coverage.

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Optimize Your Cyber Risk Insurance

Cyber risk insurance is an important information security control

Gartner predicts that by 2025, nearly 45% of organizations worldwide will have experienced a cyber attack targeting their software supply chain.

Do you know how much a data breach or supply chain attack would cost your organization in time and money? Cyber Risk Quantification (CRQ) is a risk-based approach that identifies and quantifies your cyber and technology risk. With quantified and data-driven insights, you can make informed decisions about infosec investments that align with your risk appetite, including the amount of cyber insurance coverage you need.

Cyber risk insurance can be an effective control that transfers the financial risk of a cyber incident to the insurer. However, it is not a substitute for cyber hygiene. By understanding how financial losses unfold when a cyber incident occurs, you will gain insight into how cyber risk insurance can reduce your potential financial loss.

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C-Risk Insight

Identify your critical digital assets and align risk scenarios with your cyber risk insurance for better coverage

Case Study: A retail bank with operations in several countries subscribed to C-Risk's CRQaaS.

The retail bank's CISO wanted to know if the bank should increase the aggregate coverage of their cyber risk insurance policy, which was up for renewal.

C-Risk applied the CRQ Loss Type Analysis to evaluate the bank's current cyber risk insurance coverage. C-Risk determined that the policy could be optimized by negotiating some of the options in the current policy rather than increasing the aggregate coverage.

Often, cyber risk insurance is purchased as an insurance bundle and not much thought is given to how it could actually improve an organization's cybersecurity posture. When insurance is up for renewal, it is the perfect time to apply CRQ to the negotiation process and optimize your coverage.

Cyber risk insurance is a way for organizations to transfer risk. These policies are not intended to be used for average types of cyber incidents. Low frequency and low probability incidents that have a massive financial impact, which could could devastate your business, are typically the risk scenarios we focus on when reviewing your policy coverage.

With the data-driven results of a CRQ analysis, you are able to align FAIR loss types with the insurance policy's loss types and the corresponding loss vs coverage. This CRQ Loss Type Analysis allows you to gauge whether or not you have sufficient coverage, need to negotiate the retention or deductible terms of the policy or increase the aggregate coverage.

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CRQ Loss Type Analysis

Breaking down a cyber loss event into quantified loss types allows you to see the impact of an attack in a more granular way. It also provides the foundation of a cyber risk insurance analysis. We align the FAIR loss types with each of your insurance policy's loss types to see if the range of potential loss is covered by the policy.

C-Risk Loss Chain Analysis

A Loss Chain is similar to the MITRE ATT&CK and Cyber Kill Chain frameworks - it is used to describe a sequence of events following a loss event. This framework is useful to mitigate the impact of a loss event. It can also provide insight on whether you should engage your insurance policy as a result.

Better understand your controls to minimize loss

Cyber risk insurance is not the only solution to mitigate the financial impact of a major cyber incident. Depending on your critical digital assets, value chain, cybersecurity controls and risk appetite you may be able to mitigate the risk in other ways. CRQ provides the business metrics to better understand your options.

Inform your cyber risk insurance decisions with Cyber Risk Quantification.
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By scoping top risk scenarios, you'll be better informed to negotiate a cyber risk insurance policy that aligns with your cybersecurity strategy and risk appetite.

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Cyber Risk Quantification–the first step in optimizing your cyber risk insurance coverage

Map your value chain

By mapping your critical digital assets within the context of the digital value chain, you gain insights into the dependencies and interdependencies of processes and assets.

Build your risk universe

Your risk universe is an inventory of all potential risks that your organization's critical digital assets face at any level. This is a big picture view of risk that can also help determine your risk appetite.

Scope your cyber risk scenarios

We use the FAIR methodology to decompose risk scenarios, quantifying them using distributions or ranges. This approach provides actionable, data-driven insights for informed decision-making.

Negotiate your coverage

Using CRQ Loss Type Analysis, you can make an informed decision about subscribing to a new cyber insurance policy, negotiating the retention or deductible of your current policy or increasing aggregate coverage.

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C-Risk helps you make informed decisions about how to manage your cyber and technology risk

Cyber Risk Quantification using the FAIR methodology is a risk-based approach to identify and quantify cyber and technology risk. We apply this same FAIR-based method to evaluate your cyber risk insurance.

Would you like more information?
Contact us.

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cyber insurance coverage FAQ

Here are some answers to your commonly asked questions.

What types of cyber incidents does a cyber risk insurance policy cover?

It depends on the policy you choose. This is why it is important to know more than just the amount of your total annual coverage.

What does a cyber risk insurance policy cover?

Cyber risk insurance provides coverage for financial losses resulting from cyber incidents. Policies will also help cover remediation costs, including forensics and legal costs.

Is my organization required to have cyber risk insurance?

Just as with most insurance policies, it is not legally required. However, cyber risk insurance is highly recommended for organizations that process and store large amounts of data.