When it comes to obtaining cyber insurance, a strategic and proactive approach is key. To determine coverage and cost, insurers need to understand your organisation’s cyber defenses. Cyber insurance providers, like their counterparts in traditional insurance, require organisations to have a robust security strategy and infrastructure. So, where should you start?
Incident Response Planning:
Having a mature and practiced cyber incident response plan is a common requirement for insurance providers. It’s crucial to be prepared for potential incidents.
Endpoint Protection with EDR:
Endpoints, which include devices and servers connected to your network, are often the entry points for cyberattacks. While traditional antivirus solutions have limitations, Endpoint Detection and Response (EDR) software continuously monitors, detects, investigates, and responds to advanced threats. EDR is often a requirement for an effective incident response strategy.
Multi-Factor Authentication (MFA):
MFA is a minimum requirement for securing business systems. By using multiple authentication methods, such as one-time passwords and biometrics, MFA helps prevent unauthorized access and strengthens security, both for accounts and applications.
Robust Backup Strategy:
A good backup strategy is essential to minimize disruption in the event of a ransomware attack. Cyber insurance professionals often require businesses to meet specific backup standards, including creating offline and immutable backups.
Identity and Access Management (IAM):
IAM helps monitor and control activity across your network by enforcing access policies. Effective IAM should track login attempts, determine access rules, and grant user permissions based on established policies, mitigating various security risks.
Proper management of security patches is crucial. It involves regular updates, inventory mapping, and listing security controls. Insurers review businesses’ patch management to assess how easily attackers could compromise assets.
Defense in Depth:
Cyber insurers understand that there’s no one-size-fits-all solution for security. They often look for a mature security defense that includes various technologies and controls. Consider working with experts to review your defense in depth posture for effectiveness.
Your Cyber insurance applications play a critical role
Neglecting the significance of the cyber insurance application can be a costly mistake. Providing incorrect or false information in your application could render your insurance invalid, putting any potential payout in jeopardy. Failure to disclose material information or inaccuracies may not only lead to the policy being rescinded but also result in the denial of coverage for any claims made
Prepare for the Future
Cyber insurance is expected to become more complex and costly. Focus on areas such as email security, data loss prevention, encryption, security awareness, policies, governance, and risk management processes. By taking proactive steps now, you’ll be better prepared for the evolving landscape of cyber insurance.
Whether you’re ready to tackle these steps on your own or seek assistance from specialists like NSP, the key is to start now.