What is the role of incident response planning in cyber insurance?

Incident response planning is crucial in maximizing the benefits of cyber insurance coverage because it helps organizations effectively respond to and recover from cyber incidents. By having a well-thought-out incident response plan in place, companies can minimize the impact of a cyberattack, reduce downtime, limit financial losses, maintain customer trust, and demonstrate diligence to their insurance provider. A well-prepared incident response plan can also help organizations meet any requirements stipulated by their cyber insurance policy, ensuring that they can fully leverage the coverage benefits in the event of a cyber incident.