Cyber Insurance Shutdown

What if your insurance company cancelled your Cybersecurity Insurance?

Today more than ever, organizations are doing their best in terms of trying to stay 1 step ahead of the bad characters. It’s tough out there and the bad guys know it—to protect your environment. In addition, we have also seen cyber security insurance applications go from one page to four pages in the last three years. Mainly due to the fact that fencing your environment has become so difficult. Here are 10 tips to help ensure your business is well-prepared to complete your cyber security insurance application: 

1. Transparency Counts: It’s crucial to keep it real about your cybersecurity game. Fudging details could result in policies getting nullified, just like what happened in the Travelers case.
2. Paper Trail Matters: Keep a solid record of your cybersecurity protocols and how you roll out multi-factor authentication across your digital turf.
3. Security Check-Ups: Regular security assessments are key to keeping your defenses updated and in line with the industry benchmarks.
4. Team Training: Show off your commitment to cybersecurity by training your team well. Highlight how you school your squad on security protocols and using multi-factor authentication.
5. Pro Tip: Bring in the Pros: Getting cybersecurity pros involved in the application process can ensure you’re meeting the security standards insurers look for.
6. Risk Check: Before meeting insurers, dig deep into risk assessment. Get a grip on where your cybersecurity stands, especially where you’ve got multi-factor authentication and why it’s there.
7. Policy Power-Up: Review your cybersecurity policy and make sure it ticks all the boxes insurers want. Adapt it to fit multi-factor authentication across different access points.
8. Be Ready for Action: Showcase your plan for dealing with cyber incidents. Explain how multi-factor authentication plays a role in tackling threats pronto.
9. Showcase Your Data Defense: Talk up your encryption practices. Explain how you keep sensitive data locked down, especially how multi-factor authentication fits into the picture.
10. Always Evolve: Show how you’re always leveling up your cybersecurity game. Let them know you’re constantly updating security measures, including expanding multi-factor authentication to cover new risks.

Some organizations might have a limited or Swiss army knife IT staff that has skills in certain areas but not necessarily the skill set to cover the environment that they manage. This causes information on the cyber application to maybe be… NOT CORRECT.  Please take a read from the link below and see what happened to a Travelers Insurance client who stretched the truth on their MFA capabilities:

https://www.insurancejournal.com/news/national/2022/07/12/675516.htm

Remember, the goal is not just to tick the boxes on the application but to genuinely showcase your dedication and proactive approach towards cybersecurity. Insurers value business that prioritize and actively invest in robust security measures.

Original insights inspired by source: Insurance Journal – https://www.insurancejournal.com/news/national/2022/07/12/675516.htm

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