7 Tips Preparing Your Business to be Insurable via Cyber Liability
Businesses staying safe online has become a major concern for many insurance companies. Cybersecurity is something that has been on the minds of CEOs and IT professionals alike, but it is until recently that insurance companies have started to crack down on their policyholders. Businesses are going to be very surprised when they go to renew their cyber liability insurance policy this time around. That’s why we’ve put together this checklist to help you prepare your business for your next cyber liability insurance application. Make sure you implement these pieces of cybersecurity to minimize any chances of being denied cyber insurance.
This article will also let you know where you stand with regard to cybersecurity standards. Use this list as a guide when filling out your cyber insurance renewal. This will help show which areas need improvement so you can be prepared to make those changes well in advance.
Here are the 7 places that your cyber insurance renewal will want you to have buttoned up.
1. Multi-factor Authentication
Multi-factor authentication is something that is becoming more and more necessary in this day and age. With cyber-attacks becoming more and more common, it’s important to have every possible layer of security in place to protect your data. Multi-factor authentication requires multiple forms of identification before someone can access your data, making it much harder for someone to hack into your system.
Some examples of Multi-factor authentication include:
- A password combined with a security token
- A biometric scan such as a fingerprint or retinal scan
- A one-time code that is sent to your phone or email
2. Next-generation Antivirus
Next-generation antivirus protection is essential in order to protect your systems from the latest threats. Traditional antivirus software is no longer enough to keep your data safe, as cybercriminals are constantly finding new ways to bypass these security measures. A next-generation antivirus solution will use multiple layers of protection to keep your data safe. It uses sophisticated algorithms and heuristics to identify and block malware that traditional antivirus software may not be able to detect. It includes tools like machine learning, cloud-based scanning and security, and behavioral analysis, which help to keep your computer safe from the latest threats.
3. Endpoint Detection & Response
Endpoint detection and response (EDR) is also a vital component of your cybersecurity. It monitors systems and applications for malicious activity and takes action to stop the threat before it can make its way back into the network. A traditional antivirus will not be enough to protect against all forms of malware and cybersecurity threats.
With all of the forms of advanced threats out there, your company will need to invest in solutions that are capable of detecting these threats. EDR provides real-time protection against cybercrime, protects data from being hijacked, and can detect breaches before attackers exploit them.
It provides an additional layer of defense for the data you have worked so hard to protect.
4. Protective DNS Service
Protective DNS service is a security solution that helps to protect your business from online threats. It does this by monitoring and blocking malicious traffic before it can reach your network. This service can help to protect your business from ransomware, phishing attacks, and other online threats.
By using a protective DNS service, you can help to improve your company’s security posture and protect your data from being compromised.
5. Phishing Simulations & Cybersecurity Training
Phishing simulations are a great way for employees to see if they would spot a phishing email. These simulations help to train employees on what these emails actually look like and how to avoid them. They are not your actual company’s information, but they have enough similarities that even the most well-trained employee will still be fooled.
Cybersecurity training is also an important aspect of helping to protect your data from being compromised. Through this type of training, employees can learn about what different types of attacks are out there and how they work, as well as how to keep themselves safe behind the keyboard.
6. No More Old Hardware
One of the most common excuses for delaying an upgrade is the cost. Many companies are reluctant to invest when they are faced with hardware that has come to the end of its life. However, new policies are not allowing hardware that is at the end of its life or hardware that uses unsupported operating systems. The security threat for these older systems is immense. If your hardware is out of support, it is at risk without patches or updates. These risks are very high with zero-day attacks which are becoming more common.
The security industry has taken great strides to protect end-users from cyber threats by developing software that can keep malware away from an endpoint. However, hackers are getting more creative in the ways that they attack businesses. They are using social engineering and ransomware to extort money from companies.
They are also using ransomware to hold data hostage until a ransom is paid. The WannaCry ransomware attack is a recent example of this type of attack. In order to protect your business, you need to have comprehensive, multi-layered protection across the entire network.
7. Encryption of All Sensitive Data
Encryption of all sensitive information is one of the best ways to protect it from being compromised. If the data is encrypted, it cannot be read without the proper encryption key. This makes it much more difficult for hackers to steal the data and use it for their own purposes.
There are many different types of encryption that can be used to protect data. Some of the most common types are AES, RSA, and ECC. Each of these types of encryption has its own benefits and drawbacks. You will need to consult with your IT partner to decide which type is best for your business and make sure that all sensitive information is encrypted using this type of encryption.
If you are not sure which type of encryption is best for your business, you can consult with an IT security specialist here at Spot Migration to help you make the best decision for your company.
Insurance companies are becoming more and more stringent with their cybersecurity requirements. If your business does not meet these requirements, you may find that you are no longer insurable via Cyber Liability insurance.
To avoid this consequence and protect yourself from legal risks, the following steps should be taken:
- Contact your IT professional;
- Build a roadmap that takes into consideration the financial costs and time constraints;
- Implement the new technology requirements;
- Create a process for keeping on top of future changes;
- Renew your policy and keep training your people on the cyber threats they can encounter.
These steps will go a long way towards protecting your company against cyber attacks while making sure that you aren’t at risk of losing your cyber insurance policy.
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We can help you create a successful strategy and formulate a roadmap to ease the transition.