Cybersecurity Insurance Security Controls and Standards
With the amount of ransomware attacks on the rise, the need for cybersecurity insurance has risen with it. Increased cybersecurity attacks also mean qualifying for cybersecurity insurance now requires tightened security controls and standards. Long gone are the days of acquiring cybersecurity insurance without the proper security controls and standards in place.
Whether you are looking to buy cybersecurity insurance coverage for the first time or if you are approaching your renewal period, your IT team needs to prepare. You must have the proper processes and systems in place, or you can be certain your application with be rejected. The good news about the steps you must put in place is that the requirements will also help reduce attacks on your systems and hopefully help prevent a cyberattack from occurring.
Some of these security controls and requirements include:
- Multi-factor authentication (MFA) across all your insured resources to mitigate any stolen credentials
- Ongoing testing of all your systems to ensure security is in place and being maintained
- Cybersecurity awareness training for employees, as they are the first line of defense against many cyberattacks, like phishing and are usually the cause when an attack occurs
- Regular and secure backups of your data
- Encrypted and secure connections to your network and systems
- Audits of third-party vendors to determine how much access they have to your systems and data
- Endpoint security and antivirus protection installed on all connected devices
It is important to keep up with what your policy covers and does not cover, as policies constantly change. Also, pay special attention to your coverage amount. You need to understand what a cyberattack will cost your business and make sure you are insured for at least that amount.
It is also important to start the process early to give yourself time to get up to speed on not only the requirements, but the changes. Not sure where to start? 2W Tech is here to help. Navigating this process with a knowledgeable cybersecurity partner can be valuable and help streamline the process to get insured.