Cyber insurance premiums collected by the largest U.S. insurance carriers in 2021 increased by 92% over the previous year according to the NAIC.
Does your organization need cyber insurance? What is typically included and what will you be required to have in place to qualify?
Cyber insurance protects companies from damages and liabilities that arise as the result of hacks, malware attacks, or data breaches. These policies are highly customizable and may or may
not cover ransomware. You may need cyber insurance if your organization collects, stores, or handles confidential or personal information, or if it is required in your industry.
The bidding process for cyber insurance starts by completing an in-depth questionnaire about the security controls your organization currently has. To qualify you may need at least the following:
Endpoint Detection and Response (EDR)
Properly configured firewalls
Multi-Factor Authentication (MFA) on critical resources
Data back up using external media or a secure cloud service
One last warning, ensure all the controls that were in place when bidding for the policy are properly implemented and maintained. If you were to suffer an attack and it was found the organization didn’t maintain adequate security standards, the claim could be denied.
Contact the DIG to learn more about preventative cybersecurity or to see if your current security is up to the task of protecting you. Thank you!
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