--- title: 6 things you can expect when your business applies for cyber insurance description: Learn key factors insurance companies consider when assessing cyber insurance applications. From security policies to breach history, prepare your business image: https://blog.concklin.com/hubfs/business-technology-and-people-concept-senior-b-2021-08-26-17-31-01-utc%20(1)-1.jpeg --- [Skip to content](https://blog.concklin.com/6-things-you-can-expect-to-be-asked-when-your-business-applies-for-cyber-insurance#main-content) [facebook-f icon](https://www.facebook.com/ConcklinInsurance) [linkedin-in icon](https://www.linkedin.com/company/concklin-insurance-agency) [Twitter icon](https://twitter.com/ConcklinA) [youtube icon](https://www.youtube.com/channel/UC_HnJQ4S_USSxBJkauXwu6A) [**Contact Our Team**](https://insurance.concklin.com/compare-quotes#CLQuoteRequest) **[630-268-1600](tel:+16302681600)** **[Contact Our Team](https://insurance.concklin.com/compare-quotes#CLQuoteRequest)** **[630-268-1600](tel:+16302681600)** [![Concklin Logo-1](https://blog.concklin.com/hs-fs/hubfs/Concklin%20Logo-1.png?width=314&height=100&name=Concklin%20Logo-1.png)](https://insurance.concklin.com/) - 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[Video Library](https://blog.concklin.com/video-library) - [Client Portal](https://insurance.concklin.com/client-portal) - [Make A Payment](https://concklin.appliedpay.com/) --- Aug 10, 2022, 3:00:00 PM # 6 things you can expect when your business applies for cyber insurance ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://blog.concklin.com/6-things-you-can-expect-to-be-asked-when-your-business-applies-for-cyber-insurance) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.concklin.com/6-things-you-can-expect-to-be-asked-when-your-business-applies-for-cyber-insurance) [Twitter icon](https://twitter.com/intent/tweet?url=https://blog.concklin.com/6-things-you-can-expect-to-be-asked-when-your-business-applies-for-cyber-insurance) [envelope icon](mailto:?body=https://blog.concklin.com/6-things-you-can-expect-to-be-asked-when-your-business-applies-for-cyber-insurance) 6 things you can expect when your business applies for cyber insurance 2:45 In less than 9 years, [ransomware](https://concklin.com/cyber-insurance/how-would-you-fare-against-ransomware.html) attacks are predicted to attack and encrypt businesses or devices [every 2 seconds.](https://www.propertycasualty360.com/2022/07/14/these-7-cybersecurity-stats-will-keep-you-up-at-night/?kw=These%207%20cybersecurity%20stats%20will%20keep%20you%20up%20at%20night&utm_source=email&utm_medium=enl&utm_campaign=dailynews&utm_content=20220714&utm_term=pc360&enlcmp=nltrplt2)  In 2021, the average ransom payment was $812,000 and 46% of businesses who had their data encrypted paid the ransom according to [**CybersecurityDIVE**](https://www.cybersecuritydive.com/news/ransomware-attacks-payouts-2021/622784/#:~:text=Average%20ransom%20payments%20reached%20%24812%2C000,decided%20to%20pay%20a%20ransom.).  For technology-based industries this number is even higher with [83% of companies paying the ransom](https://thycotic.com/resources/ransomware-survey-and-report-2021/). In response to increased attacks, higher ransoms, and the number of ransoms being paid, insurance companies are more closely evaluating the risk of each business when determining coverage limits and pricing for [Cyber Insurance](https://insurance.concklin.com/cyber-liability-insurance).  Resulting in the application and underwriting process being longer and more detailed. ## Here are 6 things you can expect to be asked when your business applies for cyber insurance ### Company policies and procedures Insurance companies may want to know what types of cyber security policies you have in place.  This can include if you have an incident response plan, password update policy, personal device policy, and how you handle network access for employees - and how you revoke access from former employees.  ### Employee Training Approximately 82% of breaches are caused by social engineering or human error.  Expect to be asked about mandatory employee cyber security training, retaining and simulated phishing campaigns. ### Cyber Security Insurance companies may ask if you have a program in place to test and audit security controls and if you have basic controls in place, such as firewalls, anti-virus software, multi-factor authentication, and if you use an endpoint protection and response solution. ### Systems updates Expect to be asked if you use out-of-date software and hardware. Out-of-date systems are more easily exploited by hackers.  Insurance companies may specifically ask for procedures for upgrading older systems and equipment. ### Data Back-up Knowing how a company handles data back-up is important for insurance companies to evaluate the risk of data loss in the event of a breach.  Be prepared to answer questions about if you back up valuable data, how often, if you use redundant networks and if you have a disaster recover plan in place in the event of data loss on your primary network. ### Breach History If you have experienced a cyber breach in the past, insurance companies may want to know what you’ve done to enhance your cyber security. The application process for cyber insurance is increasingly detailed and extensive.  By making cyber security a priority for your business you will also make your business more appealing to insurance companies which could lead to overall better coverage and premiums.   [Cyber Liability](https://blog.concklin.com/tag/cyber-liability) ## Related posts [![](https://blog.concklin.com/hs-fs/hubfs/ransom-ware-cyber-attack-warning-message-on-a-co-2022-12-16-12-17-18-utc%20(1)-1.jpeg?height=200&name=ransom-ware-cyber-attack-warning-message-on-a-co-2022-12-16-12-17-18-utc%20(1)-1.jpeg)](https://blog.concklin.com/protect-your-business-from-cyber-crime) [Cyber Liability](https://blog.concklin.com/tag/cyber-liability) ## [Protect your business from Cyber Crime](https://blog.concklin.com/protect-your-business-from-cyber-crime) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Mar 7, 2023, 3:25:00 PM As the world becomes increasingly digital, businesses face a growing threat from cybercrime. 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Personal vs. Business Insurance](https://blog.concklin.com/is-your-home-based-business-covered-personal-vs.-business-insurance) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Sep 4, 2024, 12:00:00 AM Running a business from the comfort of your home offers many benefits—flexibility, convenience, and... [Read more](https://blog.concklin.com/is-your-home-based-business-covered-personal-vs.-business-insurance) [![Person signing a page with a pen. There are keys on the page](https://blog.concklin.com/hs-fs/hubfs/Imported_Blog_Media/keys_and_lease.jpg?height=200&name=keys_and_lease.jpg)](https://blog.concklin.com/blog/renter-s-insurance-could-save-you-from-potential-disaster.html) [Personal Lines Insurance](https://blog.concklin.com/tag/personal-lines-insurance) ## [Renter’s Insurance Could Save You from Potential Disaster](https://blog.concklin.com/blog/renter-s-insurance-could-save-you-from-potential-disaster.html) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Jun 27, 2017, 12:00:00 AM Imagine the horror of coming home to find your belongings destroyed or stolen. Then you find out... 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