AUMA recognizes that most modern organizations have some form of cyber risk lurking in their midst. Accordingly, we’ve had a basic cyber insurance solution built into our core general insurance program since 2018. This cyber insurance program can be considered as ‘entry level’ coverage, intended to afford some certainty to our clients who haven’t yet contemplated their cyber vulnerabilities or how they might respond in face of a cyber incident. Upon assessment, you may find that the basic cyber solution is sufficient for your needs. Alternatively, you might like to explore customized cyber insurance solutions with your AUMA Insurance Services Consultant. Regardless of your selected insurance selection, one thing is clear: cyber incidents are not going away.
AUMA Director of Claims, Cameron Vierboom cites an ‘exponential’ rise in number of reported incidents in the last three years. These incidents included elements of data breaches, social engineering, and loss of systems due to ransomware. While the insurance market continues to have reasonable capacity for cyber coverage, it is becoming increasingly selective in accepting clients.
“Insurers are increasingly seeking to partner with clients who have solid risk management practices in use, and we want to make sure we can represent our members as accurately as possible in the insurance market each year,” says Stacey Ferguson, AUMA Director of Insurance. “The best way members can assist in this process is by participating in the annual Pre-Renewal Questionnaire (PRQ) campaign.”
If you have not received your PRQ or have questions regarding it, please contact the Insurance Services team promptly at firstname.lastname@example.org.