Cyber insurance - the responsive side of cybersecurity

Date: 2023-05-24
Author: Versasec

MFA has become a great part of a defense plan. Rightfully so, considering the high-security assurance it can bring compared to traditional password login. However, as cyber evolves, no one is impervious, and this is where cyber insurance can come in. Many insurers provide coverage for recovery costs, notification of individuals whose information is affected, and recovery of data.

Still, with insurance pricing rising and coverage reducing, companies that are on top of their cyber security proactively find better coverage and even lower premiums. Unfortunately, it is common for small and emerging businesses to prioritize risk-taking, as they understand that greater risks can lead to higher growth potential. Consequently, cyber insurance often falls lower on their list of priorities.

The growing cybersecurity threat to businesses

Nonetheless, when it comes to safeguarding a business or organization, security is precisely the area where businesses cannot afford to gamble or take chances.

“Significantly more than half of all cyberattacks are directed at SMEs, and that number is steadily increasing.” – Chubb

“$4.9M average cost of data breach caused by phishing 82% of cyber incidents caused by human error.” Bezley Group

“One of the quickest and easiest ways for cyber criminals to access SME assets is by walking through the virtual ‘open door’ that employees provide when using weak or reused passwords.” – Chubb

What cyber insurance companies are looking for

Placing security for users and devices is an investment. Cyber insurance companies now prioritize MFA questions when they assess organizations. With Versasec credential management and appropriate MFA, you can answer a resounding YES. (Questions from AIG CyberEdge)

• Do you enforce Dual Factor Authentication for access to critical information and/or systems?
• Do you enforce a ‘strong password policy’ requiring passwords of adequate complexity and length, avoiding re-use for all accounts? If ‘No’, please describe the measures in place to manage password security.
• Virtual Private Network (VPN) required to access corporate network remotely?
  VPN is configured with multi-factor authentication?
• Multi-Factor Authentication mandatory to access email remotely?

Credential and device management does not need to be a pain, manual, and tedious. Streamline the management of multi-factor authentication phishing-resistant devices with cost-effective Versasec flagship product vSEC:CMS, or in the cloud with vSEC:CLOUD. Schedule a free consultation today.