Cyber Insurance and Risk Management
Built for the threats your business actually faces.
Ransomware, vendor email compromise, AI-powered phishing, and attacks on operational technology have moved cyber risk from an IT concern to a board-level business issue. The average data breach now costs millions, and human error, insider threats, data supply chain compromises, and nation-state-supported attacks all leave your organization vulnerable.
Hylant helps you confidently plan for and manage cyber risks with effective processes, tools, and cyber insurance coverage.
What is Cyber Insurance?
Cyber insurance helps organizations respond to and recover from cyber incidents such as ransomware attacks, data breaches, business email compromise, social engineering fraud, and network outages. Coverage typically includes incident response, business interruption, data restoration, regulatory and legal costs, and third-party liability.
Read our starter's guide "What Is Cyber Insurance?" to learn more.
How to Manage Cyber Risk
Managing cyber risk starts with quantifying your specific exposures — identifying where you are vulnerable, estimating the probability and financial impact of an incident, and aligning your security investments and insurance coverage to those measured risks.
Hylant’s cyber risk management experts will help you identify your specific areas of vulnerability and quantify their potential impact. When you can see the relative probability and magnitude of cyber exposures, including social engineering, you can make better decisions about process changes, security investments and cyber insurance coverages.
Work With the Cyber Insurance Experts
Our cyber insurance experts are prepared to answer your questions and guide you through all aspects of one of the fastest-growing risk categories affecting organizations worldwide. Here is our tested process for helping you:
Hylant Cyber Risk Management Workflow
Arguably, no team has a more difficult job right now than your cybersecurity team. We want to profoundly understand all the great work they are doing to keep your business safe. This knowledge is critical for securing the best cyber insurance coverage, terms, conditions and pricing.
We’ll explore the controls they have implemented, the vendor partners they work with, and how decisions are made. If security controls are missing, we’ll discuss what is being done to compensate. We’ll also address any concerns, such as controlling the seemingly uncontrollable, and review incident response planning.
Cyber insurance underwriters are overwhelmed. Weak or incomplete applications can result in limited or denied coverage. You have one chance to make a great impression.
We’ll help you understand what the carriers are asking for (and the significance) and ensure you have provided strong, complete responses that tell your best cybersecurity story. We may encourage you to include additional information that highlights positive actions your organization is taking that carriers haven’t asked about directly.
By this stage, we know your cybersecurity story backward and forward. We also know what carriers need and want from you. We’ll control how your story is told to the marketplace and advocate on your behalf.
We’ll invite strategic carrier partners to attend a Hylant-hosted call where we present your story, highlighting your cybersecurity team’s positive work. Before the call, we’ll walk you through the process and help you prepare. The call itself will be a conversation, not an hour-long barrage of carrier questions. Near the end of the call, we’ll allow a little time for carefully moderated questions. We’ll record the call and follow up with the underwriters, continuing to tell your story to obtain the best possible offers for coverage, terms, conditions and pricing.
While it seems invasive, carriers will scan your networks to verify that your stated controls are in place and to quantify your cyber risks before writing a policy. It’s like performing a credit check before providing a loan.
We’ll proactively run our own scan for you, explain what we find, prepare you for likely carrier responses and make strategic recommendations. If your systems perform well, we’ll proactively share that information with carriers, continuing to tell your best story to influence coverage, terms, conditions and pricing. At this stage, we also will recommend how much insurance to purchase based on your risks.
Once we receive the quotes and ensure they are the best that can be achieved, we’ll present the offers to you. Together, we’ll review them line by line so that you understand how they compare.
We’ll explain what is included in the proposed coverage (e.g., business interruption coverage, fees for data breach attorneys, etc.), how much coverage is offered, and what will trigger the policy. We’ll review the terms and conditions, ensure the policy works with your other policies (e.g., property, executive risk, crime) to avoid potential gaps and make recommendations for your consideration. We’ll bind coverage based on your decision.
An insurance policy is only valuable if you know how to use it. We’ll work with your risk management and cybersecurity teams to ensure they understand how your policy works and what to do (and not do) if an incident occurs. We’ll connect you with resources (e.g., forensics provider, data breach attorneys, media management) as needed before anything happens and give you access to free services and tools (e.g., incident response planning, cyber risk scanning) to support your ongoing cyber risk mitigation efforts.
We recommend meeting at least quarterly to review any changes in the business (e.g., new software, use of AI, M&A activity, new suppliers or partners, etc.) to ensure coverage remains gap-free. Our goal is to keep your business safe and to make your next cyber insurance renewal even better.
If the worst happens, Hylant will further support you with expert claims advocacy and management.
What Does a Cyber Claim Look Like?
What does a real cyber claim look like in practice? See how Hylant's claims advocacy helped one client recover millions after a cyber event.
Leadership
Alex Clark
Cyber Practice Leader
Hylant Cyber Practice Leader Alex Clark helps clients understand emerging technology risks and the importance of pre- and post-breach readiness. He takes a hands-on approach to placing coverage and ensuring clients know how to use their cyber policy, prevent incidents, minimize payouts and execute incident response plans. He holds Cyber Professional Liability Practitioner and Cyber Risk Manager designations and is a Professional Liability Underwriting Society member.
How to Manage Cyber Risks and Limit Financial Losses
What does it take to manage cyber risk and limit financial losses? Our e-book gives you a clear, five-step framework to reduce your exposure and protect your bottom line.
Frequently Asked Questions About Cyber Insurance
Cyber insurance is a specialized coverage that helps organizations respond to and recover from cyber incidents — including ransomware attacks, data breaches, business email compromise, social engineering fraud, and network outages. It typically covers incident response costs, business interruption losses, data restoration, regulatory fines, legal defense, and third-party liability.
A typical cyber insurance policy covers business interruption from a cyber event, fees for data breach attorneys, forensic investigation, ransom payments, customer notification costs, credit monitoring, regulatory defense, and third-party liability claims. Coverage varies significantly between carriers, which is why policy review matters as much as policy purchase.
Most cyber insurance policies cover ransomware-related costs including ransom payments (where legally permitted), forensic investigation, system restoration, business interruption losses, and incident response. Coverage terms, sub-limits, and cooperation requirements vary widely by carrier.
The right limit depends on your revenue, industry, sensitive data volume, regulatory exposure, and dependence on technology. Hylant quantifies your specific cyber risks before recommending coverage limits, so the policy you buy reflects the loss scenarios you actually face — not a generic benchmark.
A cyber incident response plan is a documented playbook for what your organization does in the first hours and days of a cyber event — who is contacted, who decides whether to pay a ransom, how systems are isolated, and how customers and regulators are notified. Carriers increasingly require one as a condition of coverage.
Social engineering is a form of attack in which a bad actor manipulates an employee into transferring funds, sharing credentials, or granting system access — often by impersonating a vendor, executive, or trusted contact. Coverage for social engineering losses is typically a sub-limited endorsement on cyber or crime policies and should be reviewed carefully.
Cyber insurance premiums are based on revenue, industry, claims history, the security controls you have in place, and how well your application and underwriting call communicate your cybersecurity story. Strong controls, clear documentation, and effective broker advocacy meaningfully affect your final terms and pricing.
Related Insights
Talk to an Advisor
Our advisors will help you find the best cyber insurance options for your particular needs.