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Is cyber insurance and incident response the same thing?

Updated: Jul 6, 2023

Do you know what to do when you get hacked? Many companies think they do, but are caught off-guard by the speed, scale and scope of a cyber incident. The complexity involved in responding to and managing an attack means that, often, the best course of action will be calling in help. But who do you call?

We offer insurance, so obviously our usual answer to that question would be, “your cyber insurance provider”. But while many organisations have property and liability insurance for their business, the reality is that few SMEs in Asia have insurance for their digital assets. In cases where coverage is missing, an incident response provider may be the next best option.

In fact, insurers work with incident response providers to offer their policyholders emergency support during cyber incidents. We call them “panel partners”, because they sit on our panel of vendors who provide the ancillary services which are included in a cyber insurance policy.

At Pandamatics, our panel partner for incident response is Blackpanda, Asia’s leading local cyber incident response firm. Their flagship product is called IR-1, a yearly subscription service designed for small and medium sized enterprises in the Asia Pacific region. A non-insurance service, it combines proactive cybersecurity tools with critical incident response.

In many ways, you can think of Pandamatics cyber insurance as an “IR-1 Plus” solution: with our policy, you receive security scans and forensic incident response plus additional services like post-breach remediation, legal counsel and public relations support.

So, to answer the initial question: No, cyber insurance is not the same thing as cyber incident response, but incident response is a key component of a cyber insurance policy.

Fact is, the technical, logistical, financial and reputational impact of a cyber incident can be difficult for SMEs to manage alone. With cyber insurance, you do not have to. As a policyholder, you gain a dedicated team that handles all the critical tasks involved in incident management - from incident response to public relations - and your policy covers the cost.

Contact us to find out more about our cyber insurance offers.

To find out more about Blackpanda, visit their website.


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