Managed Detection & Response (MDR)
Insert content
Insert content
insert content
Insert content
Insert content
Insert content
Insert content
Finsert content
FInsert content
insert content
TInsert content
What About Ransomware?
insert content .
INsert content
MInsert content
Prerequisites for Cyber Insurance
There are several prerequisites a company must meet in order to qualify for a policy. Let’s go over a few of them in detail.
Risk Assessment
The first thing a business must do is undergo a full risk assessment. Risk assessments identify and evaluate a company’s assets to properly gauge its level of risk. Servers, cloud resources, and user endpoints are all factored into the risk assessment. The more of these assets a company has the more detailed an assessment must be.
For example, large multi-national corporations like Amazon and Microsoft require very long and detailed risk assessments. This is because they are companies with large amounts of assets, making them prime targets for a cyber attack. Last year, over a quarter million of Microsoft’s global servers fell victim to a large-scale data breach.
Information Security
No company that handles cyber insurance wants to deal with a client that is careless with their information security. Every business or organisation looking to have cyber insurance must meet some basic information security standards.
To meet the minimum requirements, all software and technology must be actively defended. This includes things like strong firewall protection and having the latest antivirus software updates as soon as they are available. All business data and information should also be backed up.
User Access Management and Multi-Factor Authentication
In addition to the above, there must be a protocol in place that properly enforces user access management. User access management determines who is and is not allowed access to certain information in a company’s technology network. Without proper access management, a business’s employees become information security liabilities.
Multi-factor authentication is an added layer of protection for user access management. It confirms the identity of an individual before they log in.
Let’s look at a use case. Suppose the usernames and passwords of your business’s information platforms are stolen. Without MFA, a hacker would have complete control over your business’s most important data.
A multi-factor authentication tool would immediately block any sign-in that isn’t confirmed. A text or email is sent with a passcode that verifies each sign-in attempt. False attempts are thus prevented from gaining access and can get handled with ease.
How To Prepare for the Evolving Landscape of Cyber Insurance
Cyber and ransomware attacks are causing cyber insurance providers to pay out more money than ever before. This is the main reason companies are becoming so stringent with their qualification process. To prepare for the future of cyber insurance, companies should focus on maintaining good information security protocols.
What About After My Business is Insured?
Qualifying for a cyber insurance policy does not mean your work is done. On the contrary, the work is only just beginning.
The health of your company’s information infrastructure must be maintained even with protection. This is because cyber threats are constantly evolving and finding new ways to compromise information networks. Not keeping up with evolving threats is a recipe for disaster.
Don’t Miss Out on Cyber Insurance
Cyber-attacks are on the rise and don’t seem to be slowing down any time soon. In response, insurers are requiring businesses and organisations to pay more attention to the well-being of their information technology. Because of these factors and more, having a cyber insurance policy to protect your company is more important than ever.
Are you interested in attaining cybersecurity frameworks and certifications? We’ve got you covered. Contact us today!
Contact us
We would love to hear from you. To get in touch with our team of technical experts, please fill out this form or contact us by phone or email