Increasing Costs of Cyber Insurance

Category: Data Security , ThreatAdvice
Author: NXTsoft

The cost of cyber insurance is increasing significantly in part to providers who don’t think organizations are taking steps necessary to protect themselves. Do you have a 3rd party security company to ensure you are protected and help keep your costs down?

Organizations that we have spoken with indicate that the cost of their cyber insurance is now significantly higher what it previously was. To reduce cyber rates and guarantee cyber insurance coverage, David Foster or Three Arbors Insurance who we consulted indicated that organizations should consider implementing additional security measures. In fact, he said that most carriers will not even provide coverage if multi-factor authentication is not in place. The better the cyber security protection, the better the pricing and terms the organization would receive on a cyber policy.

ThreatAdvice vCISO Cybersecurity

According to Foster, below are security questions that you need to evaluate in order that you ensure that you can receive and to reduce the cost of your cyber insurance policy.

  1.  Do you deploy Multi-factor Authentication (MFA)?
  2.  Do you have adequate Backups & Segmentation ? (these should be frequently tested, at least twice a year)
  3. Do you have an employee phishing training and testing program in place?
  4. Do you deploy Endpoint Detection and Response services? Who do you use for this? Certain carriers only recognize certain vendors.
  5. What is your patch cadence?
  6. Do you have an incident response plan in place?

It is always important that you are taking appropriate measures to protect your organization from a breach. But now if you are NOT taking the appropriate measures, you may be facing significant increase when it is time to renew your cyber insurance policy.

Talk to NXTsoft about how ThreatAdvice vCISO can serve as your 3rd party security provider, offering technology and expertise you need to stay safe and qualify for reduced rates. Learn more about what vCISO can offer your organization today!

October 29, 2021
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