The Contract Certainty Blog
Exari Mobile Site
The Contract Certainty Blog

Insurers Facing Cyber Risk

Insurers Facing Cyber Risk

November 08, 2018 Meghan Killian Risk and Compliance  

Tackle Cyber Risk Head On

It’s been a long day. You make dinner, put in a load of laundry, lock your doors, set your alarm and finally turn your TV on to your favorite Netflix show. You are positive that you are in for a safe and stress-free night, but how can you be sure you have taken all of the right precautions? What could be worse than waking in the middle of the night to an ear-bleeding siren because you weren’t protected well enough? What is the best and most strategic way to prevent risk?

As data increases so does its importance to any company. It helps predict outcomes, stores and tracks sensitive information, and is truly a main resource for most. With the benefit of finger-tip access to data also bears risk of a cyber breach. This has a high impact on any organization’s revenue, as it can result in high fines and reputational damage. Cyber risk management is no longer solely an IT security-based problem, as it is a much more prevalent threat to businesses in general. Not only does it affect the way that other companies view them from a financial standpoint, but also a moral standpoint. When you protect your customer’s information you also solidify brand and customer loyalty.

The steps to mitigating cyber exposure risk

Most companies are overlooking security risk and the toll it can take without being properly addressed. In fact, the severity of the implications can be irreversibly detrimental. This is most prevalent in the insurance industry, when underwriting corporate property policies. One mistake can cost you millions. To ensure that you have covered all bases, there are three easy steps you can take to protect against unwanted cyber exposure.

1. Pinpoint

With artificial intelligence, you can easily extract data to expose and identify cyber wording. This will assist in quickly analyzing and enhancing your contracts to ensure protection. In order to be successful, it is crucial that your information is visualized for data analyzation. Historically, underwriters would be forced to scour these documents for policy discrepancies that could cause liabilities. Through automation, insurers are able to redirect their focus, to mitigate risk and elevate their credibility.

2. Differentiate

Manually checking for discrepancies between contracts is time-consuming and prone to human error. With comparison software, insurers are able to match updated contracts within seconds to guarantee their legal terms are error-free. Being able to compare multiple documents certifies accuracy and moderates the threat of risk to ensure cyber exclusions are added, and all dropped clauses are spotted.

3. Construct

What if a platform automated a template that fulfilled every need for a policy? With a powerful contract generator, underwriters can easily create secure and compliant policies through smart templates.

Exari offers a 3-step solution to protect your organization against unwanted risk and unintended consequences. Rest easy with our Cyber Exposure solution by requesting a demo today.

Meghan

Meghan Killian is Exari's Marketing Specialist.