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Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Security Think Up
The rise in remote work during and after the pandemic has increased cyber vulnerabilities significantly.

Cyber insurance protects your company from the financial consequences of cyber threats or data breaches involving computer systems and data. Credit card numbers, social security numbers, account numbers, health records, and driver's license numbers are examples of sensitive customer information.

According to a recent SBA survey, 88% of small business owners believe they are vulnerable to a cyberattack. If your company is a victim of cybercrime, the cost of recovery can be prohibitively expensive, including specialized repairs and legal fees.

One of the most difficult challenges is quantifying cyber risk. Although approaches and frameworks like NIST CSF, CIS 20, NCSC Cyber Essentials, and ISO 270001 aid in the development of cyber security capabilities, they do not provide the tools to quantify risk. As a result, leaders frequently overestimate their cyber maturity while underestimating cyber insurance premiums.

Potential Cyberattack Types are: 
  • Breach of data:  A breach occurs when critical information, such as personal financial information, is stolen.
  • Cyber-attacks on computers: Your computer system is hacked and compromised in this type of cyberattack.
  • Extortion via the internet: During an extortion threat to your company's computer system, thieves may demand ransom payments.

To address these issues, a variety of approaches can be used, ranging from zero-trust models to multi-factor authentication (MFA) and end-point detection and response (EDR) (EDR and XDR). Protective monitoring, encryption applied to the most critical aspects of your network, and patch management processes can also provide insurers with the assurance they require.

There are options for both small and large amounts of cyber liability coverage. A small cyber liability insurance policy could be added to the policy of a business owner. A larger cyber liability policy with higher limits would necessitate its own policy.

Furthermore, they provide a real-time view of compliance through a risk-based approach that is consolidated, consistent, and aggregated across the entire organization. Workflow automation can help the IRM system become more efficient.

By consolidating your risk management processes, you can ensure that controls continue to deliver on their objectives and demonstrate compliance with policies, standards, and regulations while having a lower impact on your day-to-day operational demands. All of this will make it easier to meet cyber insurers' requirements and give organizations confidence that their policy will protect them when they need it.

Spotlight

Venbrook Companies

Venbrook Group, LLC owns and operates a portfolio of privately held insurance organizations that are engaged in business with the four major platforms of the insurance marketplace including retail brokerage, wholesale & general agent, underwriting, and reinsurance.

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