Aligning the cyber insurance policy with operations
The cyber insurance policy reviewed before renewal contained security warranties that were not in fact being met. A warranty-compliance mapping was drawn up, the gaps were closed, and security and notification clauses were added to critical supplier contracts.
If you don't want surprises on the day of loss, read the policy today
MFA and backup undertakings were not actually being met on some systems; the risk of coverage denial was real.
For supplier-originated incidents, the notification and recourse chain was missing from the contracts.
Our Approach
Keeping the commercial objective at the centre, we broke the legal risks down into measurable steps.
01 · Policy Analysis
The undertakings were mapped clause by clause against the actual state of affairs.
02 · Remediation Plan
The gaps were tied to owned, dated actions.
03 · Supplier Clauses
Notification-period, audit and liability provisions were added.
Timeline
The main stages of the process.
Making the coverage actually work
The policy was brought into line with the actual security setup, the notification processes were clarified, and the gaps in the supplier chain were closed through contractual provisions.
- An undertaking-to-practice mapping table
- Closed security vulnerabilities
- Supplier notification and audit clauses
- A day-of-loss notification protocol
Related Areas of Expertise
The practice and focus areas engaged on this matter.
Sectors
The sectors in which we most frequently advise on matters of this kind.
Related Publications
Our insights and guides related to this matter.
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First we clarify the commercial objective, risk appetite, timeline and decision-maker needs. Then we break the work down into legal analysis, document/contract structure and implementation steps, and manage the process through a single point of contact.
Owing to the legal profession's duty of confidentiality and client privacy, matters are anonymised. In a meeting, within the limits of confidentiality, we can describe our comparable experience more concretely.
In a brief preliminary meeting we take in the objective, existing documents, parties, time pressure and critical risks. We then clarify the scope, team, timeline and fee model.
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