Cyber Insurance - What to Look For

Date: 2021-11-04
Author: Michael Samara, Business Development Engineer

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We’ve just exited Cybersecurity Awareness Month, but as you may have seen in our last couple of blogs, cyber insurance is a hot market and for good reason. Companies are realizing the impact that being exposed to a cyber attack can have on their sustainability.

Financial loss is the tip of the iceberg and underneath may be several side effects rooted from the attack. Depending on the type of cyber attack, production or services not being delivered due to system outage is a real potential. In another scenario sensitive customer or business information is stolen and used maliciously.

When companies are under strain from these types of events it has real human impact on both customers and employees. That is why tech and company leaders are taking steps to help protect important assets, whether financial assets or human capital.

Having insurance does not mean companies should be complacent about their cybersecurity practices, as William Houry wrote earlier this week.

Some important factors to consider for business insurance consumers are:

  • Is the insurer “reactive” or “proactive” regarding cyberattacks? Proactive is always better.
  • Does the insurer offer policies and tools to help prevent loss from cybercrime?
  • Does your insurer offer policy discounts if you employ technology such as identity and access management (IAM) solutions?
  • Does the insurer offer regular audits to determine whether your company is doing enough to prevent cybercrime before it happens and ensuring your data protection is up to snuff?
  • Does the insurer specialize in cybercrime or are they supplying a variety of insurance types (the better choice here varies based on the company being insured)?
  • Is the company backed by larger insurance entities with deep pockets?
  • How much coverage is available if your company is hacked?
  • Would your coverage be enough to cover potential damages including loss of productivity and reputational damage?

A recent (U.S.) White House cybersecurity summit had industry leaders discussing cybersecurity standards and requirements that can be applied industry wide. This type of action will likely lead to an increased push for better and stronger IAM policies and tools. Implementing hardware-based, public key infrastructure (PKI) that more securely identifies and authenticates users, devices as well as services. These types of ground rules should also help keep cyber insurance premiums at a more reasonable cost.

Want to know more about hardware-based PKI and IAM? That’s our business! Connect with a Versasec expert by clicking here and for example then selecting the CHAT function.


Image by Gerd Altmann from Pixabay

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