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cyber underwriting following list framework

1. Preliminary Information Gathering

Identify the applicant’s business model

Determine the industry sector and regulatory compliance requirements

Collect relevant financial information and loss history

Assess the applicant’s market position and operational scale

2. Cyber Risk Assessment

Conduct a comprehensive risk analysis

Evaluate the applicant's data sensitivity and types of data handled

Review past security incidents and breaches

Analyze third-party vendor risks and relationships

3. Security Posture Evaluation

Assess current cybersecurity policies and procedures

Review the effectiveness of firewalls, antivirus software, and intrusion detection systems

Evaluate employee training and awareness programs

Check for regular security audits and vulnerability assessments

4. Incident Response and Recovery Planning

Examine the existence and adequacy of an incident response plan

Assess the business continuity and disaster recovery plans

Determine the frequency of drills and updates to the response plan

Evaluate communication strategies for breach notifications

5. Insurance Coverage Assessment

Review existing cyber insurance policies and coverage limits

Identify gaps in coverage and potential areas for additional protection

Evaluate any special endorsements or exclusions that may apply

6. Regulatory Compliance Verification

Confirm adherence to relevant data protection laws (e.g., GDPR, CCPA)

Assess compliance with industry-specific regulations (e.g., HIPAA, PCI DSS)

Review data breach notification laws applicable to the organization

7. Final Underwriting Decision

Compile findings and risk assessment results

Determine appropriate coverage options and terms

Establish premium pricing based on risk profile

Prepare underwriting notes and rationale for decision-making

8. Ongoing Risk Management and Review

Schedule regular reviews of the insured’s cybersecurity posture

Encourage continuous improvement and updates to security measures

Monitor industry trends and emerging threats

Adjust coverage and terms as necessary based on risk changes

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