April 8, 2022
Protecting your company’s assets in case of a cyber security breach is critical. Most organizations choose to buy cyber insurance to cover the cost of paying ransomware and recovering from an attack. With the continued threat of cyber-attacks, insurance premiums continue to rise, and coverage is decreasing. Per Gartner, “Less than one in five organizations spent the past 12 months without experiencing any phishing attack”.
Attackers are becoming more sophisticated, and new trends have emerged, such as:
With the evolution of cyber threats, insurance is becoming a vital part of protecting your company’s assets.
Insurers review specific standards to determine your cybersecurity risk. The better your company scores, the lower your insurance premium. Below are five typical areas the insurer examines and steps your company can take to improve your score.
Although most organizations require regular phishing training- training alone is not adequate. In this area, “one size does not fit all.” Instead, it is best to use a mix of small-scale, targeted phishing tests based on employees’ roles, ages, and work-from-home practices. In addition, you must train users to use good judgment, particularly in the difficult task of detecting imposters who request work-related activity.
Employees continue to reuse passwords, thus allowing account takeovers. A Harris Poll found that 78% of Gen Z users have the same password across multiple accounts. Hackers use “credential stuffing” (testing existing credentials gathered from public breaches) to access your systems. If MFA is not deployed in your organization, deploy immediately. Don’t allow MFA to be skipped based on a single signal if you have MFA. To further reduce risk and improve your cybersecurity insurance rating, implement a two-factor MFA (2FA) to provide an extra level of security.
Ransomware often corrupts the production environment and backups. Appropriate controls are needed to ensure backups remain viable after a ransomware or malware attack. Employing strict processes and procedures can help you quickly restore data from a cyberattack or natural disaster. Backups should be performed regularly, stored offsite, and tested to ensure validity. Although a company typically focuses on the network, they should consider if there are critical items stored on an executive’s phone that should be part of a backup procedure. Showing you are following written processes and procedures and updating when the environment changes will put insurers at ease.
Although your company may have End Point Protection (EPP) as threats continue to become more sophisticated, is it important to also deploy EDR. EPP targets threats as they hit the perimeter of your network, while EDR aims to target advanced threats that have gotten inside your environment and prevent them from spreading. Since it is nearly impossible for an EPP to catch all threats and prevent them from penetrating your system, an effective endpoint security plan should include both EDR and EPP.
Although the cloud has been around for more than twenty years, cloud security remains challenging. The most significant risk is from a company’s misconfiguration of cloud services, in large part, due to their extreme complexity. AWS, for example, has over 170 services and more than 7,000 identity principles. Managing all this is a daunting task. Adequate cloud security requires the use of automated tools. Your security team should prioritize investigating and acquiring appropriate tools. A few elements in reducing your cloud risk include:
If you need help reducing your insurance costs or increasing your insurance protection, we can assist by evaluating your current security controls and recommending and implementing improvements. Learn more ways Dewpoint can help you ensure your company is Cyber Insurance Ready.