Checklist for Getting Cyber Insurance Coverage
Digital transformation is exposing businesses to greater cyber risks. Cyber insurance is crucial for ensuring business continuity and mitigating the devastating impact of attacks - should they occur.
However, getting this important coverage can often depend on your cybersecurity posture and your MFA partner. Because as the saying goes, "No MFA, No cyber insurance."
Reach out to Thales Group to learn how Thales' SafeNet Trusted Access can make your organization cybersecurity insurance worthy.
Cyber insurance provides coverage for the costs associated with recovering from security breaches, viruses, or cyber-attacks. It also addresses legal claims resulting from such incidents. With cyber attacks becoming increasingly common, having this insurance is crucial for ensuring business continuity and mitigating the impact of these attacks. According to the Sophos 2022 State of Ransomware report, 83% of mid-sized organizations had cyber insurance to protect against ransomware attacks.
What are the Essential Security Controls for Cyber Insurance?
To qualify for cyber insurance, organizations should implement several essential security controls. These include regularly backing up critical data and ensuring recoverability, deploying multi-factor authentication (MFA), restricting remote access to corporate networks via a VPN, and providing regular cybersecurity awareness training for staff. Notably, MFA is a critical requirement; without it, obtaining cyber insurance can be challenging.
How Does Cyber Insurance Impact Security Posture?
Having cyber insurance can significantly enhance an organization's security posture. The Sophos ransomware report indicates that 97% of organizations with cyber insurance have made improvements to their cyber defenses. This includes implementing new technologies, increasing staff training, and changing processes to better align with insurance requirements. Essentially, cyber insurance encourages organizations to adopt stronger security measures.
Checklist for Getting Cyber Insurance Coverage
published by Thales Group
Identity and access management (IAM) solutions play a key role in preventing data breaches by securing apps and services at the access point. IAM is the discipline that enables the right individuals to access the right resources at the right times for the right reason.
IAM solutions are composed of various sub-areas, including Identity Governance and Administration (IGA), Privileged Access Management (PAM), and Access Management (AM). IAM solutions provide a methodic framework for granting and requesting access to applications, enforcing access controls, and ensuring visibility into access events.
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