Cyber Risk Insurance

At Everest, we follow a proprietary procedural approach called the Cyber Risk Insurance Preparation Protocol, or C.R.I.P.P..  This protocol guides businesses to the final layer of protection for Cyber Risk, which is an actual insurance policy. What leads to that end is a series of steps that A) have your business become Cyber Risk Aware B) identify the risks that are specific to your business, C) make recommendations for appropriate measures to mitigate those risks, D) your implementation of those strategies within your business to demonstrate your business is not only aware, but actively engaged in managing the level of risk it is exposed to.  The final step being E) to approach obtaining a Cyber Insurance “wrapper” in a very deliberate self-aware manner. Our company addresses Step E in this process, but is invested in organizations going through the entire process.

If you want to know why we subscribe to this protocol, it is because Cyber Insurance, of all insurance products, is one such product where the real protection happens in creating an environment within your business where you are doing everything you reasonably can to proactively protect against these risks.  

The insurance industry is evolving around these products, but the risks are evolving as fast. There are lots of loss producing incidents occurring and to add control around insuring businesses, insurers are controlling not only what they offer for coverage, but the rates, and they’re also assuming the role of technical/security expert. Our goal is to have you approach the application process from a proactive and prepared position; not reactive to an insurer who finds reason to not give you the best coverage or rates for that coverage.

The C.R.I.P.P. process is a multi-vendor process because the process involves multiple disciplines.  We make that process easier by A) having a program which will implement seamlessly and B) by including a recommendation deliverable. By doing so, your business can use whomever you like for the implementation. We’ll use the product of the process to find the best Cyber coverage for your needs. Of course, along with our sibling company, The Everest Information Technologies Group, LLC, we hope to be able to work with you through the entire process. Contact us today for more information.

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