Cyber Insurance
Comprehensive Cyber Insurance Solutions by CFGI
Cyber breaches continue to be on the rise, and recent research shows that the average total cost of data breaches globally has consistently gone up over the past few years. Cyber insurance coverage is specifically designed to assist with recovery from financial losses in the wake of an incident, as well as with remediation.
CFGI provides a wide range of cyber insurance services for companies in every role. This includes consulting buyers or prospects to help them obtain cyber insurance, as well as assisting insurers, brokers, and underwriters to gain visibility into clients’ cybersecurity posture, reduce overheads/delays during the underwriting stage, and rely on CFGI’s expertise to support insured parties through professional services.
Target Market
Go to Market Channels
Buyers (Direct to Market — Firm Channels)
Seeking Cyber Insurance Readiness or remediation.
Private Equity Firms (Direct to Market — PE Channels)
Seeking partnership for Cyber Insurance Readiness to enable cost-effective coverage.
Underwriter / Insurance Co. / Agent (Partnership Channels)
Seeking advisory partner to deliver assessment within the underwriting process and conduct ongoing checks.
Services From CFGI Include:
Readiness evaluation
Readiness evaluation service designed to identify any material gaps that may impact cyber insurance qualification
Remediation
Remediation services designed to proactively fix key issues and improve the probability of securing appropriate coverage
Ongoing Maintenance
A variety of ongoing maintenance services such as testing, risk assessments, incident response, and other services needed to maintain the coverage
Expert consulting
Expert consulting when building cybersecurity maturity programs and policy frameworks
Cyber Insurance Readiness Services
1
Evaluation
CFGI supports organizations in identifying cybersecurity risks by conducting an assessment or a validation against insurance requirements.
Outcomes:
- A cybersecurity risk assessment report (including insurance suitability gap analysis, strategic roadmap, and action plan for remediation).
2
Remediation
CFGI assists the organization in implementing cybersecurity controls identified as gaps from the maturity assessment.
Outcomes:
- Cybersecurity Program buildout and operationalization, as applicable.
3
Application
CFGI completes the insurance provider’s application questionnaire and provides supporting evidence of cybersecurity practices performed.
Outcomes:
- Underwriting process readiness.
4
Maintenance
CFGI offers cybersecurity services that enable meeting baseline requirements for maintaining cyber insurance coverage.
Outcomes:
- Ongoing Cybersecurity Program, Governance and Oversight.
- Support Services.
CFGI can also partner with insurance providers to support the Evaluation and Application services on their behalf.
Cyber Insurance Readiness Services
1
Evaluation
CFGI supports organizations in identifying cybersecurity risks by conducting an assessment or a validation against insurance requirements.
Outcomes:
- A cybersecurity risk assessment report (including insurance suitability gap analysis, strategic roadmap, and action plan for remediation).
2
Remediation
CFGI assists the organization in implementing cybersecurity controls identified as gaps from the maturity assessment.
Outcomes:
- Cybersecurity Program buildout and operationalization, as applicable.
3
Application
CFGI completes the insurance provider’s application questionnaire and provides supporting evidence of cybersecurity practices performed.
Outcomes:
- Cybers insurance policy.
4
Maintenance
CFGI offers cybersecurity services that enable meeting baseline requirements for maintaining cyber insurance coverage.
Outcomes:
- Ongoing Cybersecurity Program, Governance and Oversight.
- Support Services.
CFGI can also partner with insurance providers to support the Evaluation and Application services on their behalf.
Connect With Our Leaders
Ninad Purohit
Managing Partner
(732) 371-9221
npurohit@cfgi.com