The Risk and Insurance Management Society has published a cyber-insurance guide.

It aims to help risk professionals manage cyber threats that are uncovered or not addressed by company risk management programs.

“Cyber insurance can help cover the gaps between a robust risk management program and any remaining risks,” the report says.

“An organisation needs to understand both the risk it faces and the coverage options available to ensure the cyber policies it purchases provide the necessary coverage when it experiences the inevitable data breach or other cyber event.”

The guide also covers the cyber-insurance application process.

“The thoroughness and
accuracy of your responses can affect the available limits and premiums and, in some circumstances, pose a potential threat to coverage if an insurer challenges the adequacy of responses and tries to rescind coverage.”

Cyber claims management, litigation strategies and other best practices are also addressed.