1. Companies Have Poor Prevention Practices in Place
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2. Companies Fail to Document Preventative Measures
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3. A Third Party or Contractor Is at Fault
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4. Accidental Errors & Omissions
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5. Coverage Doesn’t Extend Beyond Interruption Timeframe
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The number one reason insurance companies deny claims is the policyholder failed
to comply with insurance policy data protection terms. MSPs can help clients
address this by coaching them to adopt compliance measures.
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The key to ensuring insurance payouts is documentation before disaster strikes. The process of securing documentation is tedious. A compliance solution like Compliance Manager GRC can streamline this by automating compliance documents, screenshots, and data.
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Ongoing assessments help identify and fix security gaps before threat actors gain a foothold.
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By processing information and data in detailed reporting, clients can tell their
story to their insurance carrier coherently. You can use compliance software
to supply and record accurate data in advance. That way, if a cybersecurity
disaster occurs, providing compliance documentation becomes much easier.
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This is an opportunity to educate your clients on contracts and provide added value for
them. Cyber liability insurance plans vary and advising your clients to pay close
attention to coverage timeframes could mean the difference between covering all their
losses versus just a small percentage.
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