Watch an excerpt from the fireside chat among Trava CEO Jim Goldman, insurance industry veteran Charlie Wilmerding, and Trava Director of Insurance Ryan Dunn as they talk about cyber insurance, past, present, and future.
Read this blog to learn more about how the cyber insurance industry is about to be transformed.
Late claims have been a problem for insurers for decades, whether you're talking about cyber insurance or something simpler like home insurance. These late claims are a problem for insurance providers, so they often lead to your claim being denied.
Late insurance claims are an especially big problem in the world of cybersecurity for SaaS. Cybersecurity issues aren't always out in the open, so it can be difficult to spot a vulnerability early enough to report it to your insurance company. This is especially important for companies that don't have effective cyber risk management in place because some late claims may be denied.
Several years ago, cyber insurance was very difficult to get. Not only did you have to jump through hoops to get coverage for your business, but you also had to spend a fortune on coverage. Over time, cyber insurance dropped in price as it became an essential part of doing business. As insurance providers have competed to lower prices and make it easier to get cyber insurance in an attempt to attract more customers, cyber insurance has taken a swing in the other direction. Many cyber insurance providers are suffering losses as a result of late claims and poor risk management, which is leading to a tendency for cyber insurance providers to deny claims.
Cybersecurity isn't just about protecting your business after a breach or loss, it's about taking steps to identify those risks and eliminate them before your business suffers a loss. Trava is dedicated to helping businesses assess cybersecurity for SaaS companies to determine if there are any vulnerabilities that may need to be patched up or that your insurance provider should know about. Taking steps to identify and mitigate risks before they become a direct threat to your business increases the odds that your insurance provider will accept your claims. With digital risk management software, Trava takes a data-driven approach to help you identify cybersecurity risks, make your cyber insurance provider aware of those risks, and take steps to minimize them.
Getting cyber insurance today can mean filling out a mountain of paperwork and spending a lot of money. With Trava, you can identify and mitigate cybersecurity risks, get the insurance you need, and work with your insurance provider to make sure you're covered.
Talk to a an insurance advisor to learn more.