In the present-day cyber world filled with nefarious hackers and exploiters, we need more than just regular data protection measures for our sensitive data. Cyber security insurance is one of the critical requisites for business ventures that adds an extra protection shield against massive losses. In the 2021 report from the Identity Theft Research Center, there was a 68 percent increase in the reported number of data compromises than 2020 in the US. It points out that regardless of the size and nature of your business operations, you are much more prone to fall prey to the predators of the virtual sphere than ever before.
There is no replacement for the assurance that one gets with a good cyber insurance policy. Therefore, if you want to get insured in terms of your cybersecurity framework, you must know the necessary compliances. Team NaviSec is here to offer proactive assistance to help you grasp all the integral aspects of cyber insurance and enable you to abide by the required conditions from insurers.
What is the meaning of cybersecurity insurance?
Cybersecurity insurance is a type of indemnification arrangement that safeguards the assured business organization against the losses and obligations resulting from the occurrence of malware exploits, hacking attacks, data breaches, or the materializing of other forms of cyber exposures. Generally, they can cover various first-hand damage costs and possible third-party liabilities.
The coverage, premium, and relevant insurance terms vary from one provider to another. Some cyber insurance companies offer extra coverage for compensating for the incidence of any legal fees, fines, or settlement costs and damages caused due to the downfall in your business revenue.
Which types of business organizations require cyber insurance?
Cybersecurity insurance is increasingly becoming a cardinal part of forearming our overall cybersecurity posture. There are no defined criteria for which entity or individual can experience the blow of a cyber attack. The intensity of the cyber exploits also remains a subjective factor. As per trends, although big-size corporations get targeted more often than others, the availability of an obsolete cybersecurity infrastructure can also put other small and mid-scale ventures at considerable risk. Many companies hailing from specific industries like finance, research & technology, or pharma are also at an increased risk of cyberattacks and data breaches in contrast to others.
As reported in Accenture’s 2021 Cost of Cybercrime study, 43 percent of cyber attacks are aimed at small ventures, and only 14 percent of these business entities are prepared and covered to shield themselves. Hence, in the present age, any business entity that deals with sensitive data in a digital form remains prone to cyber exploitations. Thus, business entities that do not have the safety net of adequate cyber insurance must contemplate applying for the same. The process of getting cybersecurity insurance for your organization can be much more perplexing than one can perceive. Let us understand some factors that can lead to problematic situations while acquiring cyber insurance.
Why can it be tricky to get cybersecurity insurance?
While shopping for cyber insurance plans, you must consider the experience and the terms in the fine print that the prospective cybersecurity insurers offer. A cyber insurance contract makes the insurer a partner in dealing with any cyber crisis that might fall on your business. You must look for fair coverage in line with your business needs and avoid paying unreasonable premiums.
Again, insurance providers will not casually hand out an effective cybersecurity insurance policy to your business organization on a silver platter. You need to qualify for various terms and conditions before getting the expected insurance coverage for budget-friendly premiums. The insurers examine several aspects before giving the nod to fulfilling your cyber insurance requirements. The cybersecurity insurance plan you can get depends on many factors, like the business niche you belong to, the amount of sensitive data you store virtually, and the efficacy of your present cybersecurity posture. Your business concern must also stand up to the primary IT security standards to qualify for a decent insurance plan. Some points relate to the presence of a firewall for the company network, the installation of updated antivirus programs, a regular data backup policy, and adequate user access measures.
Today, more and more insurance carriers ask for an independent assessment to cross-check that the prospective client business demonstrates proper cyber resilience and follows the basic data security measures. It can be a critical condition before the insurance company agrees to underwrite the determined risk coverage and define your premium.
What is a cyber insurance risk assessment?
Cyber insurance risk assessment refers to a comprehensive evaluation that insurers will call for to spot security gaps and data risks that infest your company’s prevailing cybersecurity framework. Both the insurance company and the assured business entity need to get a clear picture of the cybersecurity status and define an apt insurance plan for your business.
Why consider hiring third-party cyber experts for your cyber insurance requirements?
Deficient cybersecurity practices can render your business venture subjected to low cyber insurance coverage and steep premiums. The cyber insurance domain is also constantly evolving and coming up with many complex conditions for the clients to follow. Thus, hiring professionals to strengthen your cybersecurity preparedness is the best move and helps you become eligible for a befitting cybersecurity insurance plan. One must also keep in mind that cybersecurity insurance does not eradicate the significant risk of cyberattacks. It only acts as a cushion to help ease the impact of any security breach. You need to amp up your cybersecurity to avoid not just monetary liabilities but also reputational damage that is hard to regain. Our NaviSec experts come with various data security services to help you manage your cyber insurance compliance and create a lasting cybersecurity posture.
How can cybersecurity professionals from NaviSec come to your rescue and ease insurance compliance?
The security specialists at NaviSec proffer the following premier cybersecurity services for diverse types of business organizations.
Penetration testing is one of the most potent ways to brace your cybersecurity posture against malicious attackers. At NaviSec, we offer different types of penetration testing strategies and impeccably simulate real-world attacks to chalk out the most effective remediation measures for your entity. Our penetration tests will help your business organization become creditable in the eyes of your cyber insurer and bargain conducive terms.
- Vulnerability Assessment
We take clients on board to conduct an in-depth analysis of existing vulnerabilities with a full-fledged vulnerability assessment. Our team helps you discover, classify, and resolve vulnerabilities clinging to your cybersecurity system. Vulnerability assessment provides a base for successful security audits and incident response programs. Conducting vulnerability assessments and rectification actions will increase your chances of landing an excellent cyber insurance plan.
- Managed Detection and Response – CrowdStrike
Many business organizations fail to have a suitable incident response plan in effect. If you witness a security incident in your organization, you need to know the response measures to minimize the adverse effects. At NaviSec, our professional team offers immediate action by leveraging CrowdStrike’s antivirus and endpoint detection and response platform. With our managed detection and response proficiency, we help you tackle a threat before it converts into a beastly breach. This level of response strategy will improve your eligibility score for getting the desired cybersecurity insurance.
- Security Audit
You can entrust NaviSec to carrying out fruitful security audits of your data security environment and identifying gaps for timely removal while keeping you at par with the recognized cybersecurity standards and regulations. Cyber insurance providers always prefer entities compliant with applicable regulatory policies and frameworks. Our security audit services enable you to handle compliance and remain secure.
Reach out to NaviSec to navigate your way through the maze of cyber insurance compliances!
Team NaviSec sharpens your edge in shielding your cybersecurity framework with our unparalleled and agile expertise. Finding the best cyber insurance plan can put many in a fix. We streamline the process of cyber insurance acquisition with our professional advisory. You can stay assured of world-class protection for your digital assets. Consult our team now!