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Address Security Issues to Access the Cyber Insurance Market

Dec 08, 2021 Decorative image

During the past year, the cyber insurance market has become more selective in providing coverage. As a result, companies must implement security features, such as multi-factor authentication, before carriers will consider providing an insurance proposal.

All the while, ransomware attackers continue to make cybersecurity more difficult, exploiting vulnerabilities before companies can identify the issues. According to Ivanti’s Ransomware – Index Update 2021 report, five new ransomware families were identified in Q3 alone, with 140 vulnerabilities actively being used to mount attacks.

Patch management (e.g., identifying the need for and updating software on systems and devices) must become as common as multi-factor authentication to reduce the threat of costly ransomware-induced business interruptions in the coming year. As we frequently tell clients, it is critically important to constantly prepare for cyberattacks.

Importance of a Strong Cybersecurity Structure

As noted in Hylant’s recent Commercial Insurance Market Update report, cyber insurance underwriters are requiring more stringent controls and documentation around cybersecurity. Having a strong cybersecurity structure in place boosts the quality of a company’s risk and makes it more attractive to insurance carriers. To help clients significantly strengthen their technology environment, Hylant has partnered with OneIT, a cybersecurity and technology solutions provider.

OneIT can perform security assessments as well as recommend and implement endpoint detection and response systems, backup solutions and multi-factor authentication. It also can assist companies with completing their cyber insurance questionnaires.

Hylant clients are eligible for preferred pricing when they work with OneIT. Reach out to your Hylant representative or click here to learn more.

Questions Cyber Insurers Are Asking

What questions are underwriters asking companies about their cyber controls, processes and procedures? We tell you in our e-book, Six Questions Risk Managers Must Be Ready to Answer (What Cyber Insurers Want to Know … and Why). Download it here and be prepared.

The above information does not constitute advice. Always contact your insurance broker or trusted advisor for insurance-related questions.