Skip to content
  • About Us
  • Foundation
  • News & Insights
  • Member Directory
  • Job Board
  • Sign In
  • Join
Home > Thought Leadership > How Your Organization Can Avoid Denial of Cyber Insurance Coverage
Boston Chamber
  • Events
        • Events

          • Overview
          • Events Calendar
          • Chamber Awards
          • New Chamber Event Series
        • ...
          Pacesetters
          Doing Business with Mass General Brigham

          Join us for our installment of the Pacesetters Doing Business series featuring Mass General Brigham on August 7, 2025.

          08/07/2025

          1:00pm - 2:00pm

          Virtual

          arrow-go
          Read More
        • ...
          BIMA
          2025 BIMA Summer Sizzler

          The BIMA Summer Sizzler is a chance to network with your digital media industry peers from the agency, publisher, and adtech community!

          08/14/2025

          6:00pm - 9:00pm

          Fenway Park

          arrow-go
          Read More
        • ...
          Talent
          Skills for the Future: How to Upskill Early Talent for Success

          Join Boston’s leading educators and industry experts to explore career-aligned high school programs, in-demand workplace skills, and innovative school partnerships driving student success

          07/17/2025

          9:00am - 11:00am

          Omni Boston Hotel Seaport

          arrow-go
          Read More
  • Learning & Development
        • Learning & Development

          • Overview
          • Call for Nominations
          • Insights
        • Transformational DEI Certificate

          This program is in redevelopment. Click this page for DEI resources.

          Read More
          Women’s Leadership Program

          Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.

          Read More
          Boston’s Future Leaders

          Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.

          Read More
          Authentic Professionalism for Early Career Professionals

          In this highly interactive workshop with Strategic Career & Leadership Coach Carole-Ann Penney, you’ll define your professional identity and develop strategies to confidently navigate workplace dynamics.

          Read More
  • Economic Inclusion
        • Economic Inclusion

          • Overview
          • Pacesetters
          • Resources
        • ...
          Economic Inclusion
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          arrow-go
          Read More
        • ...
          Economic Inclusion
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          arrow-go
          Read More
        • ...
          Small Business
          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          arrow-go
          Read More
  • Policy & Impact
        • Policy & Impact

          • Overview
          • Leadership Councils
          • Amicus Advisory Board
        • GET INVOLVED IN OUR POLICY FOCUS AREAS

          Business Climate
          Read More
          Climate & Energy
          Read More
          Health Care
          Read More
          Housing & Development
          Read More
          Talent
          Read More
          Transportation
          Read More
  • Our Networks
        • GBCC’s Networks

          • Overview
        • OUR NETWORKS

          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          Read More
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          Read More
          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For over 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

          Read More
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          Read More
  • Membership
        • Membership

          • Overview
          • Membership Benefits
          • Membership Levels
          • Member Stories
          • Request a Meeting
          • Join Today
        • Chamber Membership
        • About Us
          Our Impact

          Explore our mission and values to better understand how we are leading the business community forward.

        • Greater Boston Chamber of Commerce
        • Membership Directory
          Not sure if you’re a member?

          Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.

        • For our members

          • Member Resources
          • Member Deals
          • Sponsorship Opportunities
          • Connect with your Member Services Rep
          • Sign In
  • join
Bostonchamber
Boston Chamber
  • Events
        • Events

          • Overview
          • Events Calendar
          • Chamber Awards
          • New Chamber Event Series
        • ...
          Pacesetters
          Doing Business with Mass General Brigham

          Join us for our installment of the Pacesetters Doing Business series featuring Mass General Brigham on August 7, 2025.

          08/07/2025

          1:00pm - 2:00pm

          Virtual

          arrow-go
          Read More
        • ...
          BIMA
          2025 BIMA Summer Sizzler

          The BIMA Summer Sizzler is a chance to network with your digital media industry peers from the agency, publisher, and adtech community!

          08/14/2025

          6:00pm - 9:00pm

          Fenway Park

          arrow-go
          Read More
        • ...
          Talent
          Skills for the Future: How to Upskill Early Talent for Success

          Join Boston’s leading educators and industry experts to explore career-aligned high school programs, in-demand workplace skills, and innovative school partnerships driving student success

          07/17/2025

          9:00am - 11:00am

          Omni Boston Hotel Seaport

          arrow-go
          Read More
  • Learning & Development
        • Learning & Development

          • Overview
          • Call for Nominations
          • Insights
        • Transformational DEI Certificate

          This program is in redevelopment. Click this page for DEI resources.

          Read More
          Women’s Leadership Program

          Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.

          Read More
          Boston’s Future Leaders

          Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.

          Read More
          Authentic Professionalism for Early Career Professionals

          In this highly interactive workshop with Strategic Career & Leadership Coach Carole-Ann Penney, you’ll define your professional identity and develop strategies to confidently navigate workplace dynamics.

          Read More
  • Economic Inclusion
        • Economic Inclusion

          • Overview
          • Pacesetters
          • Resources
        • ...
          Economic Inclusion
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          arrow-go
          Read More
        • ...
          Economic Inclusion
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          arrow-go
          Read More
        • ...
          Small Business
          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          arrow-go
          Read More
  • Policy & Impact
        • Policy & Impact

          • Overview
          • Leadership Councils
          • Amicus Advisory Board
        • GET INVOLVED IN OUR POLICY FOCUS AREAS

          Business Climate
          Read More
          Climate & Energy
          Read More
          Health Care
          Read More
          Housing & Development
          Read More
          Talent
          Read More
          Transportation
          Read More
  • Our Networks
        • GBCC’s Networks

          • Overview
        • OUR NETWORKS

          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          Read More
          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          Read More
          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For over 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

          Read More
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          Read More
  • Membership
        • Membership

          • Overview
          • Membership Benefits
          • Membership Levels
          • Member Stories
          • Request a Meeting
          • Join Today
        • Chamber Membership
        • About Us
          Our Impact

          Explore our mission and values to better understand how we are leading the business community forward.

        • Greater Boston Chamber of Commerce
        • Membership Directory
          Not sure if you’re a member?

          Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.

        • For our members

          • Member Resources
          • Member Deals
          • Sponsorship Opportunities
          • Connect with your Member Services Rep
          • Sign In
  • join
  • About Us
  • Foundation
  • News & Insights
  • Member Directory
  • Job Board
  • Sign In
  • Join

How Your Organization Can Avoid Denial of Cyber Insurance Coverage

July 13, 2021

Technologies like widespread high-speed internet, cloud-based Software as a Service (SaaS) technologies, and collaboration tools like Zoom and Microsoft Teams allowed many businesses to adapt quickly when the pandemic hit. However other, often older technologies and architectures hamstrung organizations because they were originally designed to protect users who were now no longer physically in offices protected by firewalls. As a result, we saw what some have called a cyber pandemic that ran in parallel with the real one – a massive uptick in ransomware attacks, with the FBI reporting complaints about cybercrime jumping by 1 million over the prior year.

Insurance carriers are feeling the effects acutely. According to Fitch Ratings, the average paid loss for a standalone cyber claim jumped from $145,000 in 2019 to $358,000 in 2020. Cyber insurance profitability, as a result, has plummeted, forcing carriers to raise premiums and increase underwriting standards for companies that are up for renewal.

In the last few weeks, DGC spoke with many organizations that were denied cyber insurance renewal. Here are some first-hand situations that they experienced, and steps DGC’s IT Risk team recommends you can take to avoid this happening to you:

1. Enable multi-factor authentication so that an additional factor beyond username and password is required to access your company’s network resources.

2. Make sure your computers are up to date. Many of these insurance companies use data from third-party security analytics companies that can detect when employees on your network are browsing the web from computers with unsupported versions of Windows or the Chrome web browser.

3. Maintain an accurate asset inventory, including resources in the cloud, and periodically scan them for vulnerability and misconfigurations.

4. Have an incident response plan tested and vetted with various disaster recovery exercises, including tabletops, functional, and full-scale exercises.

5. Ensure you are backing up critical systems regularly and testing restores. Your backups should be protected against ransomware. A classic best practice rule for backups is the 3-2-1 rule: three copies of your data, on two different media, with one copy off-site.

6. Lastly, insurance carriers are increasingly asking if your organization is aligned to a security best practices framework, like the CIS Critical Security Controls, NIST Cybersecurity Framework, ISO 27001, or SOC 2, among others. Aligning to a framework gives you a library of best practices across multiple domains to measure your organization. 

We recommend that if you are facing denial or non-renewal, start with a self-assessment using a leading framework. The exercise will identify numerous gaps which can then be prioritized based on each action’s ability to reduce your organization’s overall risk. Tackling these challenges proactively can help avoid or mitigate insurance surprises, or worse yet – a ransomware outbreak that could cripple your business.

If you need to submit a business interruption claim due to a cyberattack, managing the claim and calculating the amount of lost income is itself a formidable and complex task. It is critical that your claim is prepared and supported properly to ensure that you recover your losses timely. DGC has prepared a Business Interruption Insurance Claim Checklist that details the steps that should be taken when filing a claim.

As the COVID-19 pandemic draws to a close – at least in the United States – many companies have decided to make remote work permanent. However, many companies have not improved their security practices sufficiently to deal with this new normal and, in addition to experiencing an increased number of cyberattacks, they are getting denied when trying to renew their cyber insurance coverage.

Our guest blogs are written and produced by organizations within our membership. They are not intended to reflect the views nor opinions of the Greater Boston Chamber of Commerce.

265 Franklin Street
Suite 1701
Boston, MA 02110
Get Directions
Contact us
  • Events
  • Learning & Development
  • Economic Inclusion
  • Policy & Impact
  • Our Networks
  • Membership
  • join
  • About Us
  • News & Insights
  • Member Directory
  • Job Board
  • Sign In
  • Privacy Policy
  • Terms & Conditions

© 2025 Greater Boston Chamber of Commerce. All Rights Reserved.

Popular Resources

  • Small Business  
  • News & Insights  
  • Member Resources  
  • Small Business  
Close