Procure Cyber Insurance in 4 Easy Steps

Cyber liability insurance remains one of the most effective tools for organizations to mitigate risk. However, before purchasing a policy, it’s crucial to understand the coverage your organization requires and what those options entail.

To avoid being underinsured or overpaying, your policies must align with your incident response plans and specific risk profile. This begins with identifying your risk exposure and accurately pinpointing coverage gaps, a complex task that can be challenging without expert guidance.

Drawing from real-world cyber insurance challenges, CDW experts have developed a four-step roadmap to help organizations understand, apply for, right-size and negotiate their policies effectively. At the core of this process is CDW’s Cyber Liability Insurance Framework (CLIF), an innovative procurement approach that simplifies the acquisition of insurance policies.

CLIF enables organizations to establish a repeatable process, reducing the time and effort needed for policy selection. This methodology includes four steps:

1. Risk assessments: Thorough evaluations of potential cyber threats and vulnerabilities.
2. Completing an application: Precisely filling out insurance forms to reflect your true risk profile.
3. Incident response preparedness: Strategies to minimize the impact of cyber incidents through effective planning.
4. Being "claim ready": Strengthening the ability to file and manage claims efficiently for faster recovery.
   
   

Watch our on-demand webinar to hear CDW experts explain this four-phase approach in more detail. You’ll gain insights into understanding your policy, applying for the right coverage and securing the terms you need to protect your organization.