Considering Cybersecurity Insurance?

Cybersecurity Insurance is not easy to obtain. It’s expensive, for one, and an organization’s lack of security measures have made insurers even more hesitant to offer coverage. Here are five security considerations that are in-line with cyber insurance requirements to help reduce cyber risk.
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Here Are 5 Important Cybersecurity Concerns From Insurers

Cyber insurance covers losses incurred as a result of cyberattacks. It can reimburse businesses for the costs associated with data breaches, ransomware, and other types of cyber crimes. Cybersecurity insurance is critical for doing business as the frequency and severity of cyberattacks grow worldwide.

However, Cybersecurity Insurance is not easy to obtain. It’s expensive, for one, and an organization’s lack of security measures have made insurers even more hesitant to offer coverage. Here are five security considerations that are in-line with cyber insurance requirements to help reduce cyber risk:

1. Stop Ransomware

Insurance carriers require that an organization has implemented the necessary security tools to stop ransomware when granting coverage. It is one of their biggest concerns, as the 2021 Cyber Insurance Claims Report reveals —

  • Only 19% of all businesses surveyed have ransomware coverage limits above the median ransomware demand amount ($600,000).
  • Among SMBs with fewer than 1,500 employees, only 14% have a coverage limit in excess of $600,000.

Engaging a reputable CIRS (Cybersecurity Incident Response Service) can demonstrate a clear plan for preparing, responding and ensuring against ransomware attacks.

Completing readiness assessments in the underwriting process is just one of the more helpful features of a comprehensive CIRS service offering. An ongoing security posture monitoring data delivered to both brokers and carriers could be included in the service level agreement for good measure. This is to determine premiums and coverage levels during policy renewal.

While finding the right CIRS is a great first step, the ultimate goal is to improve your security posture as much as possible to reduce cyber risk.

2. Email Security

More than 90% of cyber threats, including ransomware, come from email. In fact, losses from email attacks exceeded those of ransomware. In 2021, the FBI reported $2.4B in adjusted losses from Business Email Compromise (BEC) claims compared to $49.2M from ransomware.

Consider using advanced malicious email detection capabilities, writing style and computer graphic analysis, and integration with other security solutions. A strong email security strategy not only improves your security posture but demonstrates your proactive approach to cyber insurance carriers.

3. Endpoint Security

Implementing a strong endpoint security protection strategy requires a comprehensive and all-encompassing approach. The security threats that organizations face increase in sophistication and frequency all the time, and using simple antivirus software or firewall or basic network segregation protocols won’t cut it. 

The key to digital asset protection is a holistic and integrated management solution which enables total data visibility, response, and remediation. With this framework, your security posture is enhanced, and you can effectively demonstrate your capability to stop ransomware attacks to cyber insurers.

4. Patching Strategy

Recent incidents of data breaches have been mainly caused by unpatched systems. Hackers probe into your software, looking for unpatched systems to attack. 60 percent of organizations that experienced a data breach cited a known, unpatched vulnerability as the cause. Unpatched vulnerabilities refer to weaknesses that allow attackers to leverage a known security bug that has not been patched by running malicious code. 

Cybercriminals are quick to strike, it can take days for the vendor to release a patch, leaving your system unprotected and your business operations at risk. The days of patching everything are gone. The time to attack is shrinking as damage to vulnerable systems occurs in just minutes, not days. 

The key to strong patch management is prioritizing then resolving known and relevant security vulnerabilities. To achieve this, organizations need to focus on fixing bugs that have been actively exploited and if they are part of the business’ critical infrastructure.

5. MFA and ZTNA

Zero Trust Network Access (ZTNA) is a security framework wherein all users, both within and without an organization’s network, are required to be authenticated, authorized, and validated for security configuration before being given access to data and applications. 

Developing a zero-trust environment isn’t just about layering individual technologies such as multi-factor authentication (MFA), or advanced permissioning and micro-segmentation. It’s about utilizing these technologies to enforce the idea that no one should be granted access until they’ve proven worthy of trust. 

The recent surge in ransomware demands have been a major contributor to tightening cyber insurance requirements. Insurers demand that MFA systems should be in place before they can provide a quote. Ideally MFA should be used in tandem with other network security capabilities under the ZTNA model to strengthen security.

Cybersecurity Maturity Is Key

Cyber Security maturity is a process not an outcome.Simply upgrading your security stack to meet the bare minimum of cyber insurance coverage requirements, does not fix the problem. 

Use the model above to assess your organization’s level of cybersecurity maturity across several layers, including people, processes, and technology. 

Engaging a CIRS vendor, similarly, does not guarantee that their solutions will get you the best cyber insurance coverage at the lowest rate. However, your CIRS can strengthen your security posture to align with cyber insurance coverage requirements and get you started on the path to full cybersecurity maturity.

Focus time, money, and effort on what really matters

Let’s build success together. 

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Experiencing a security breach?

Get immediate assistance from our security operations center! Take the following recommended actions NOW while we get on the case:

RECOMMENDED IMMEDIATE NEXT ACTIONS

  1. Determine which systems were impacted and immediately isolate them. Take the network offline at the switch level or physically unplug the systems from the wired or wireless network.
  2. Immediately take backups offline to preserve them. Scan backups with anti-virus and malware tools to ensure they’re not infected
  3. Initiate an immediate password reset on affected user accounts with new passwords that are no less than 14 characters in length. Do this for Senior Management accounts as well.

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