ICE For Cyber Insurance
This shifting environment often leaves companies uncertain about their coverage levels and future premiums.
The Role of Cyber Insurance
Cyberliability insurance is a valuable addition to a company’s cybersecurity strategy, offering financial protection in the event of a cyber incident. Here’s how it benefits businesses:
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Risk Transference
Cyberliability insurance transfers the financial burden of incident response and recovery to the insurer. -
Revenue Acquisition
Adequate cyberliability insurance is often a prerequisite for partnerships and customer agreements. -
Third-Party Risk Mitigation
Cyber insurance helps reduce risk from third-party claims or technology outages affecting key suppliers.
ICE recommends that all companies maintain appropriate cyberliability coverage as a vital component of their cybersecurity program.
What Cyber Insurance Doesn’t Cover
While cyberliability insurance is essential, it is not a substitute for a comprehensive cybersecurity program. Cyber insurance does not:
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Serve as a Data Recovery Solution
Cyber insurance cannot recover lost data. -
Prevent Incidents
Insurance only activates after an incident, not as a preventive measure. -
Fund Risk Reduction
It covers response and recovery costs, not improvements to overall security.
Understanding what cyber insurance covers—and does not cover—is critical, as policies and exclusions continue to evolve.
How ICE Supports the Cyber Insurance Ecosystem
ICE provides specialized support for all stakeholders in the cyber insurance process:
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Insureds
We assist clients in securing the right coverage at optimal rates. By managing cybersecurity risks, we help minimize the likelihood of needing to activate their policy. -
Brokers
We simplify the risk management process, enabling brokers to deliver enhanced value to their clients. Whether retail or wholesale, brokers benefit from ICE’s expertise, which helps their clients secure effective coverage at competitive rates. -
Underwriters
ICE assists underwriters by evaluating risk during the application process and offering risk-reduction strategies for bound policies. Our interventions help align insureds, brokers, and underwriters toward the shared goal of reducing cyber risk.
Partner with ICE for Cyber Insurance Support
Let ICE help you navigate the complexities of cyber insurance, ensuring you’re adequately protected and aligned with best practices in cybersecurity risk management.