Are You Cyber Security Insurable?

Posted by Conquest Solutions on Jul 22, 2021 12:45:37 PM

Since the beginning of 2021, the world has entered a new era of cyberattacks.  Cyber attacks have no boundaries, show no signs of slowing down and are truly a global issue.  However, ransomware can be avoided with the right IT security and risk management procedures.

Having a Cyber Security Insurance Policy can help minimize business disruption during a cyber incident and its aftermath, as well as potentially covering the financial cost of some elements of dealing with the attack and recovering from it.  Different policy providers might offer coverage of different things, but generally cyber insurance coverage will be likely to cover the immediate costs associated with falling victim to a cyberattack.  However, insurance coverage is NOT a substitution for a security program.

You've got a policy and now you're covered, right?  Think again.  You are obligated to fulfill and have in place a number of security requirements in order for that insurance policy to cover you in the event of a breach or other security incident.  And, you could be denied coverage if you don't have the necessary security practices in place.

TOP SECURITY PRIORITIES - Required for Insurability:

  • Multi-factor Authentication.  MFA requires additional information beyond a username and password to grant access, and is a feature offered by many websites, applications and devices that dramatically improve account security.  THIS IS A MUST DO on all software you access through the Cloud!
  • End-Point Protection.  Requires a software agent to be installed on the host system which provides the foundation for event monitoring and reporting.  This software continuously monitors to readily identify, detect and prevent advanced threats on the devices on a network.  GET YOUR DEVICES PROTECTED!
  • End of Life (EOL) Software.  If you are still using unsupported software (e.g. Windows 7) this is a huge red flag! Click the link to see EOL Software from the Center for Internet Security.  End of Support Software List

These are just a few of the security protocols that are required for Cyber insurance.  My recommendation:  Get on a call with your insurance broker and review your current Cyber policy as well as what the requirements will be for its renewal.  Then, let's discuss how Conquest Solutions can help you implement a proper security plan to keep your business protected.  It's a lot less expensive to prevent cyber attacks than it is to repair the damage when they happen.

The many advantages of having a comprehensive security plan vastly outweighs the risks and costs of finding yourself unprepared or under equipped when it comes to your technology and security.  

Topics: Cybersecurity