If your cyber insurance is coming up for renewal, this is an excellent opportunity for you to assess your cyber insurance readiness. This exercise will reveal positive things your organization is doing to improve your security posture and accelerate growth, as well as areas where you may be lacking.
With cyber risk continuing to grow, it is critical that your business is prepared. According to a recent report by Identity Theft Resource Center, ransomware-related data breaches doubled over the past two years. There is no indication of cyber risks slowing down either.
Ensuring Cyber Insurance Readiness
Given that rising cybersecurity threats have impacted the cyber insurance market, we’d like to identify five critical measures you can take to control costs while maintaining comprehensive coverage.
1. Multi-Factor Authentication (MFA)
MFA is an additional layer of security that is no longer considered optional. It ensures that any access to sensitive data, as well as elevated or remote access to your organization’s system, is properly protected from unauthorized access. Having a single, dedicated MFA/IAM solution will streamline access across your organization’s various applications and services.
2. Endpoint Detection and Monitoring
It is increasingly common for companies to enable endpoint access using numerous devices, such as laptops, mobile devices, and IoT devices. Maintaining a robust security posture requires constant detection and monitoring of such endpoints to ensure they do not become access points for unauthorized, malicious users.
3. Security Training
The most common vulnerability in any organization is human error. So minimizing this risk means educating employees on security awareness and best practices. Increased awareness translates into a reduction of threats, liabilities, and recovery and downtime costs.
The most robust system can still be compromised, so it is imperative that critical systems and data be backed up regularly and securely. Managed backup services help to ensure that data is protected and that your organization can quickly recover from a breach or loss with minimal downtime and cost.
5. Regular System Patching
Irregular or even delayed patching can leave your organization at risk of vulnerabilities in hardware and software. Assessing this issue requires a comprehensive inventory followed by automation of patch updates. By prioritizing patch management, your organization can reduce vulnerabilities within your infrastructure that could lead to a breach.
Achieving Cyber Insurance Readiness
A recent report shows the costly impact of rising cybercrime on the cyber insurance industry. It stands to reason that this will affect premiums and criteria for cyber insurance coverage. TPx offers solutions for your cybersecurity posture and readiness that may help reduce costs and increase readiness before you renew your policy.
Assess your risk today with our free Cyber Risk Assessment Calculator and understand where you may be vulnerable. For more information on cyber insurance readiness, read our Guide for Finance and IT Teams Obtaining Cyber Liability Coverage.