Cybersecurity Insurance Essentials: 9 Key Controls

01.22.24 04:31 AM By Ron Kulik

Cybersecurity Insurance Essentials: 9 Key Controls

Cybersecurity insurance offers protection against financial losses resulting from cyberattacks. With data breaches becoming increasingly costly, numerous businesses are seeking this specific insurance to safeguard their finances.

However, qualifying for cyber insurance isn't guaranteed for all organizations. Insurance providers usually have set criteria for cybersecurity measures that must be met. Without managed cybersecurity services, determining the starting point can be challenging.

Although requirements vary among providers, there are common controls that are almost universally required. Below are the top 9 controls typically needed to be eligible for cyber insurance.

1. Pentest:

Ensure you have a recent (within the last 12 months) pentest report, showcasing your network's security strength.

2. Compliance Gap Assessment:            

For organizations under HIPAA or processing credit card data, PCIDSS, a recent gap assessment report is necessary.

3. MFA for Email:

Implement multifactor authentication for all email accounts, a fundamental security measure.

4. Security Awareness Training:

Regularly train your employees to recognize and handle cyber threats effectively.

5. Incident Response Plan:

Have a clear and actionable incident response plan to address security breaches swiftly.

6. Backup and Disaster Recovery:

Establish robust backupand disaster recovery systems to ensure data integrity and business continuity.

7. Endpoint Security (EDR/MDR):

Utilize advanced endpoint detection and response solutions to monitor and protect network devices.

8. Vulnerability Scanning:

Regularly scan for and mitigate vulnerabilities in your network.

9. Appropriate Access Controls:

Implement strict access controls to ensure users have only the necessary permissions for their roles.

By partnering with safemode IT, you can efficiently address these requirements, fortifying your defenses and ensuring eligibility for cybersecurity insurance. safemode IT offers expert guidance and solutions to help you navigate the complexities of cybersecurity insurance requirements.

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Ron Kulik