Leave plenty of time to complete application

Whether you are applying for coverage for the first time or renewing existing coverage, start the application early and be prepared for a time-consuming process. Cyber insurance application forms have become quite lengthy in recent years, and insurers have begun to ask many detailed and substantive questions. Many companies are expected to make presentations to and field follow-up questions from underwriters. Starting as early as possible gives you time to prepare and follow up with the relevant personnel in your organization on questions you may not have the answers to.

Marshall resource team to tackle questions

Before beginning the application process, be sure to consult with your organization’s IT management team to collect the information needed to answer the questions on the application. Work with the IT management team to get a clear and complete picture of the structure and security protocols in, and data on, your organization’s network. Some of the questions on the application will call for your organization’s technical IT information and IT management teams to respond, and others may require information on claim history, anticipated activities such as changes to security measures, employee security education, whether the applicant collects or transmits personally identifiable information, and compliance with industry data security standards. However, do not simply delegate the task of filling out the insurance application to the IT department. It is critical to have the internal legal and risk management teams review the application and get involved early in the application process and for coverage counsel to review the information as well.