Do You Know What Insurance Providers Require for Cybersecurity?
The market for cybersecurity insurance has changed in the past few years thanks to the explosion in claims. As a result, many insurers have imposed minimum requirements for coverage.
Take these steps to prepare your team and meet the minimum security requirements for coverage.
• Multi-Factor Authentication – MFA can significantly reduce risks across your organization, especially phishing attempts and ransomware.
• Create and Test Incident Response Protocols – An Incident Response Plan helps to identify, respond to and recover from a cybersecurity incident. Plans must be regularly tested using real-world scenarios.
• Block Remote Access at Your Firewall – Allowing remote desktop access from the public internet to corporate networks creates a major vulnerability. Implementing a VPN or other network filtering device can significantly reduce attacks.
• Create Encrypted Backups and Store Offsite – Backups should be encrypted and “air-gapped” or stored offsite. Offsite storage means that data is safe from anyone without physical access. 
•Remove End-Of-Life Devices and Software – Legacy systems are frequently targeted by hackers. For mission-critical systems that are no longer upgradeable, use controls to alert you to any suspicious activity.
• Implement Endpoint Detection and Response (EDR) Solutions – Many EDR solutions can leverage AI and Machine learning to identify and prevent malware from engaging.
• Enable Logs – Endpoint servers and network equipment can produce logs that can be used in the event of a breach. Most also can send them to a centralized logging platform for storage and threat correlation.
• Conduct Regular Training – Regularly train your team to recognize and respond to any incident from phishing to social engineering attacks to a network breach.
• Implement Patch Management – A Patch Management Program should include mechanisms and policies to keep all systems and commonly used software immediately updated.
• Deploy a Strong Password Policy and Password Manager – A Password Manager can eliminate weak password risks. Employees should generate strong and unique passwords for each site accessed.
These steps are the minimum security requirements needed to get cybersecurity coverage from most major carriers. Taking these steps will also help to keep your corporate data safe from bad actors.
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