Cyber Insurance and Coverage Requirements
Cyber insurance companies have been enjoying the roll out of high-dollar additional cyber security coverage in the face of ransomware for years. They also have found a way to insure Tom Jones' chest hair, J Lo's posterior and Keith Richard's middle finger. Anything can be insured if you are willing to pay enough. Cyber security protections are no different. However, there are ways to mitigate the cost based on threat protections you implement in your network and your organization.
Today, more sophisticated threats are calling for more sophisticated protections. As a result, what an insurance company thought was good (extra $$$) coverage a year ago is no longer enough. The cost of a claim has risen almost 60% in the past 5 years and the cost of coverage is up and requirements to qualify are therefore much more stringent. It's like taxes - when there is a bailout, the money has to come from somewhere...
Those requirements to qualify for a cyber policy are a full complement of controls, process and policy that most do not have in place. Even those with basic insurance coverage. There is remediation work to be done. I'm not saying you need a HIPAA or SOC-level certification to get coverage but, if you want full protection at a reasonable rate, then you will likely need to implement a somewhat comprehensive stack of digital, physical and administrative protections to get decent coverage at a fair price.
How Can Beringer Help?
This is where we come in. Beringer can evaluate your current security posture in a Cyber Security Assessment. We'll come back to you with findings and recommendations to get you to a comfortable, insurable state. If your current insurer has requested an audit, we can assist there and also link you to penetration testing to complete the list of checkboxes that insurers seek to get you covered - without breaking the bank.
Beringer Technology Group, a leading Microsoft Gold Certified Partner specializing in Microsoft Dynamics 365 and CRM for Distribution. We also provide expert Managed IT Services, Backup and Disaster Recovery, Cloud Based Computing and Unified Communication Solutions.