Maximize Your Cyber Insurance Coverage with the Help of Digital Asset Inventory

Maximize Your Cyber Insurance Coverage with the Help of Digital Asset Inventory
Are you running a business in today's digital age? Congratulations, you're now a tech company! But with great power comes great responsibility, and that includes the need to protect your online assets from cybercrime. Hackers, fraudsters, and identity thieves are out there, and they're coming for your business. That's where cyber insurance comes in, providing protection and peace of mind. But here's the catch: many cyber insurance companies are struggling to keep up with the high amount of claims. That's because they're using the same old formula for calculating risk that worked for traditional insurance, but not for digital risk.

So, how can you make sure your business is insurable in the digital world? It’s not just about having good software and cyber protection. You need to know what your digital assets are, and how important they are to your business. After all, you can’t protect what you don’t know about! That’s where the digital asset inventory comes in, and it’s a game-changer.

Think of it this way: your digital assets are like the engine that drives your business. You need to know what they are, how they work, and how important they are to your bottom line. Are you an online retailer? You better know what information is stored in your programs, and how vital that information is to fulfilling customer orders. A cyberattack that steals that information could be a disaster for your business, and cyber insurance won’t cover it if you haven’t properly identified and protected your assets.

That’s why a digital asset inventory is critical. It’s a two-step process that helps you identify and prioritize your assets. First, you need to figure out what assets you have, and that includes anything that’s created and stored digitally. From videos and images to cryptocurrencies and NFTs, your list will be unique to your business. Next, you need to determine how each asset is correlated to things like revenue and cash flow, and how they impact your business metrics. It’s like taking inventory of your business’s engine and figuring out which parts are critical to keep it running smoothly.

Why is this so important? It’s all about exposure, which is the risk of financial loss due to business risks. Exposure is the monster under your bed, the thing that keeps you up at night. You need to know your exposure and prioritize your assets to mitigate your risk. This is the key to staying afloat in the digital age, and Secondsight is here to help. We’ll support you, help you understand your risk, and provide you with the tools to protect your business. So, what are you waiting for? Let’s get started on that digital asset inventory today!

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