Cyber Insurance Coverage Requirements
If your business decides to purchase cyber insurance, most providers require a cyber insurance risk assessment as part of the underwriting process. This will help determine your premium, coverage limits and if your business qualifies. This assessment can be as simple as a questionnaire, or as complicated as a detailed analysis conducted by a third party.
Your business is also required to meet basic IT security standards to qualify for cyber insurance. At a minimum, a company interested in buying cyber insurance must have the following safety measures in place:
- All devices must be equipped with up-to-date antivirus software
- Company network must be protected by a firewall
- Regular backups for data using either external media or a secure cloud service
- User rights and permissions must follow a secure provisioning process
- Multi-factor authentication/2-factor authentication must be in place
- Ongoing cybersecurity training
Purchasing cyber insurance is not a way to get around improving your IT security, which is why insurance providers enforce these basic safety standards. Cyber insurance should serve as an extension to your existing IT security measures. Taking extra steps to improve IT security not only helps prevent cyberattacks but can also keep your insurance premiums lower.
If you are considering purchasing cyber insurance, let 2W Tech help guide you through your journey. Our team of IT Consultants can help ensure all the necessary safety measures are in place, as well as conduct your required detailed analysis. Give us a call today to get started.