Cyber Insurance | Risk Management & Reporting

October 13, 2023

As cyber risks increase, organisations are encountering the longer life cycle of insurance renewals and the need to demonstrate better management of security controls and their effectiveness. Evidence of your organisation’s adoption of the ACSC’s Essential Eight framework can support cyber insurance renewal, and is now a tool that underwriters are starting to look for to validate your cyber maturity. By better managing cyber security controls, your organisation can better influence the price of risk and the
cost of cyber insurance premiums.

Cyber risk assessment to support insurance coverage

Your risk profile is the single most important factor in informing re-insurance success. It is recommended that organisations get ahead of the onerous re-insurance process starting at least 2 to 3 months before their current policy ends.

The infographic below provides a summary of best-practice approaches to improve your organisation’s access to cyber insurance and re-insurance.

How Huntsman Security can help validate that your cyber risk can be covered by insurance providers

Huntsman Security’s Insurance Renewal Initial Report, driven by the Essential 8 Auditor software application, streamlines the process of cyber risk assessment or posture measurement for organisations, as it aligns directly to the ACSC Essential Eight framework.

This data-driven application provides accurate cyber-risk measurement via a simple dashboard, and identifies vulnerabilities that might leave your entire organisation at risk.

With the gaps highlighted via the assessment, your in-house ICT team can remediate against the provided ‘to-do list’, and then, if required, re-audit your entity to quantify and validate whether your cyber risk is one that insurance providers can cover.

This new step in insurance coverage is valuable for any organisation that prioritises cyber insurance as a risk-control, and now seeks quantifiable data to verify its cyber posture

Start the Preliminary Stage of your Cyber Insurance Renewal process with an Insurance Renewal Initial Report driven by the Essential 8 Auditor:

Managing Cyber Risk Insurance


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