Organizations must keep sensitive information such as health records and social security numbers confidential. They will be potentially liable should the information be exposed to a data breach. Cyber insurance – also known as cybersecurity insurance or cyber liability insurance – protects companies from liabilities arising from the data breach and covers expenses related to legal assistance, digital forensics, crisis communications, and customer assistance.
Cyber insurance policies are continuously evolving, given the volatile nature of cyber threats. As expected, companies are to face significant challenges when purchasing and renewing cyber insurance policies this year and shortly due to frequent ransomware attacks and wide-ranging supply chain security issues. Insurers are likely to carry out enhanced cybersecurity risk evaluations, increase premiums, and impose stricter coverage limitations.
To be considered for renewal – or to even request for a quote – cyber insurers are requiring companies to have these cybersecurity measures in place:
- Multifactor Authentication on email and critical systems access
- Endpoint detection and response software on all devices that access the corporate network
- Air-gapped backups, which means separated from the network, the internet, and any other backup files.
Multifactor Authentication
Multifactor Authentication (MFA) is an authentication method requiring the user to provide two or more verification factors to access a resource such as an application or an online account.
The basis of most MFA procedures is one of these three types of additional information:
- Things you know, such as a PIN
- Items you have, such as one-time codes on your smartphone
- Something you are, such as fingerprints, facial recognition, voice, retina or iris scanning
Endpoint detection and response software
This software monitors every device on a network for anomalous behavior. When a problem is detected, the software quarantines it on the device and alerts the user. Some software programs guide the user through remediation steps. The rationale behind this cybersecurity solution is to prevent malicious code from spreading throughout a network.
Air-gapped backups
The air gap technique is a backup and recovery strategy wherein a copy of sensitive data is kept offline, disconnected, and inaccessible from the internet at any given time, making it impossible for hackers to corrupt that information.
Cyber insurance has become essential to doing business in the 21st century. ImageQuest helps companies put these cybersecurity measures in place as a managed IT services provider to help facilitate cyber insurance policy applications and renewals. Get in touch today to know more.
LLC is a Managed IT Services Provider specializing in providing best-in-class IT guidance and support for mid-market regulated organizations. ImageQuest’s services include managed IT, managed cybersecurity, managed IT compliance, and management consulting, including virtual (fractional) Chief Information Security Officer or vCISO. ImageQuest services businesses in Nashville, TN; Louisville, KY, BowlinImageQuest g Green, KY, and many other major cities in the US. For more information, please visit ImageQuest.com.
