Let me ask you something: say you had promised to protect someone, keeping them safe and healthy. Would you want them to actively partake in risky—and in many cases, completely avoidable—situations? Of course not. So, why would a business’ insurance provider want to provide coverage if that business did nothing to prevent a cybersecurity event?
They wouldn’t… and as a result, many providers are establishing minimum safeguards and compliance requirements to help protect themselves. Let’s go over what these safeguards are so that your safety nets will be there when you need them.
What Insurers Want to See Before Providing Cyber Coverage
Multi-Factor Authentication
If you don’t have MFA set up on your business’ resources, a provider can and certainly will deny your claim and leave you with the bill. This is especially the case if you reported that you did, in fact, have these protections in place… a scenario we’ll come back to in a moment. MFA serves as an additional hurdle for anyone trying to access your account without authorization.
Isolated Backups
A backup will do you no good if it is lost in the same event that lost you your original data, too. This is why best practice commands that at least one copy is saved safely offsite, off of your network, ideally in the cloud. Failing to separate your backups in this way could be deemed negligence by an insurance provider, losing you your payout.
Endpoint Detection and Response
Instead of settling for an antivirus tool, insurers are more stringent with their monitoring requirements. Now, a provider will want to see active monitoring in place to ensure everything is properly secured before providing coverage.
Please Don’t Commit Insurance Fraud
Make no mistake—saying you have certain safeguards in place when you don’t is insurance fraud. We can help you avoid it by ensuring you have all the prerequisites necessary to secure a policy.
Give us a call at (336) 790-1000 to get started.