Getting Ready for Your Cyber Insurance Renewal
Before hackers, phishing, and ransomware, it was simple to get cyber insurance. You would answer a few questions, fill out a form, select some coverage, and then, bibbidi-bobbidi-boo, you had cyber insurance.
Those days are long gone. Obtaining cyber insurance is a wearisome task, and we all have cybercrime to thank. Data breaches, phishing, and ransomware attacks rose steadily in 2020 and 2021 while dropping just a fraction in 2022, forcing insurers to take extra measures when issuing policies.
Do you think you don’t need cyber insurance? Perhaps as an SMB, you believe you are too small to be noticed. Or maybe you think you have sophisticated security that will withstand an attack. Okay, but at the same time, your staff may click a bad link, or perhaps a vendor may open a hole in your firewall. It just takes one hack to take down your entire business and create significant financial damage.
Make obtaining or renewing a cyber insurance policy much simpler by preparing in advance. Here are five tips to help secure your company’s cyber insurance.
Share your insurance questionnaire with your IT team 60-90 days in advance.
The earlier, the better. Applications and renewals require a lot more information. With enough advance preparation, your IT team can answer each question about your IT systems and make needed adjustments.
Obtain a thorough security assessment of your network at least 90 days before your renewal.
An assessment will identify where you may need additions to your security stack in order to meet the cyber insurance requirements. You want to be able to check each requirement with confidence.
Confirm that you have the Top 5 security services employed on your network.
Our Top 5 most required security services include:
- Multi-Factor Authentication
- Backups (securely stored off network)
- Endpoint Detection and Response/Managed Detection and Response
- Security Awareness Training
- System Patching
These are just a few of the items you should include in your security stack. Ask your IT professional or managed service provider (MSP) to review what is included in your security services and advise you on additional items you should include.
Work with an expert.
Ask a cyber insurance specialist to help you review your policy options. These experts have the most information on new requirements or technologies you may need for your renewal. They are also well-versed in cyberattack management.
Get the right policy.
There are several options when it comes to cyber insurance. That’s why the experts are so important. In short, there are two types of policies: endorsements and stand-alone policies. Work with a cyber insurance professional to determine what type of insurance is right for your SMB.
The common saying in the IT industry is, “It’s not if but when,” you will be the victim of a cybercrime. Take the time now to ensure your company is protected. The right cyber insurance policy will help your company come back from a cyber-attack.
Focus Data Solutions helps SMBs with their IT security, including preparing for cyber insurance renewal. To learn more, or to request our security assessment services, visit us at www.focusdatasolutions.com