Cyberinsurance Policy Reviews: The Hidden Gaps That Could Cost You

Insurance is a safety net, but only if it actually works when you need it. For Richmond, VA businesses that rely on cyber-insurance as part of their risk management strategy, Hermetic Networks, a trusted IT Support Company in Richmond, ensures your coverage aligns with real-world cybersecurity needs. Failing to properly review and align your policy can lead to catastrophic exposure. A strong policy review is no longer optional; it’s essential.

Why cyber-insurance isn’t enough by itself:

• Policies often exclude key threats like social engineering, token theft, or credential misuse.
  
• Coverage limits, retroactive date restrictions, and sub-limits may invalidate your claim.
  
• Technical controls and policy requirements (like MFA, backups, and incident response) may be mandatory but unverified.
  
• Business interruption and lost revenue from cyber events can grow rapidly, many policies don’t cover the full impact.

Common hidden gaps we see in Richmond firms:

• No verification that mandatory controls are implemented.
  
• Legal/regulatory demands are not referenced in the policy.
  
• Insufficient limits for data breach costs, reputational damage, or regulatory fines.
  
• Exclusions for newer threats (e.g., supply-chain, token theft, MitM) that aren’t clearly addressed.
  
• No incident-response plan aligned to policy obligations.

How Hermetic Networks can help:
In Richmond, Hermetic Networks works with businesses to perform deep cyber-insurance policy reviews, aligning your technology, controls, and incident plans with coverage. Services include:

• Policy walkthrough: Understand terms, coverage, exclusions, and required controls.
  
• Controls assessment: Verify implementation of MFA, backups, incident planning, and sand taff training.
  
• Gap analysis and remediation plan: Identify failures, build roadmap.
  
• Ongoing monitoring: Ensure controls remain in place and you stay compliant.

Action plan for your business:

1. Retrieve your cyber-insurance policy and check the renewal date.
   
2. Review what threats and exposures are covered, and which are excluded.
   
3. Confirm you meet mandatory control requirements.
   
4. Schedule a policy review session with Hermetic Networks.

Richmond businesses: don’t trust your protection without confirmation. Contact Hermetic Networks today for a cyber-insurance policy review and start closing the gaps.