As more companies purchase Cyber insurance, insurer losses are growing from cyber attacks. Insurers now require proof that an organization has implemented cyber security practices as a condition of issuing a policy.
Just as with Property and Liability insurance, Cyber insurance requires a risk assessment. Organizations should not regard these assessments as a necessary evil but as an opportunity to get an expert opinion on their cyber security practices. Some insurers will provide a benchmark on how your organization compares to others in your industry.
According to a post by Ilia Sotnikov of Netwrix, a study found 50% of organizations implemented additional cyber security measures to purchase insurance or meet policy requirements. In order of importance, these were the six most required:
- Multifactor authentication.
- Patch management.
- Regular cyber security training.
- Security information and event management.
- Identity and access management.
- Privileged access management.
If you still don't have Cyber insurance or want to upgrade your present coverage, Beacon will take you through the process of selecting the best available coverage.