What is the process for renewing a cyber insurance policy?

The policy renewal process for cyber insurance typically involves the policyholder working with their insurance provider to renew their coverage for another term, usually annually. During this process, insurers may reassess various factors such as changes in the business’s risk profile, any claims made during the previous policy term, updates in cybersecurity measures, industry trends, and regulatory changes. Insurers may also consider the current cyber threat landscape and how it may impact the policy’s coverage and pricing. The renewal process often includes updating policy terms, coverage limits, premiums, and potential adjustments based on the reassessment of these factors.