The cybersecurity insurance team at Lawley has a saying:
“It isn’t if you will get hacked, it is when.”
For organizations who rely on data infrastructure to power their businesses (architects with blueprints on iPads, hospitals with terabytes of patient information, or small businesses with ecommerce platforms, to name a few) the threat of a cybersecurity attack is not only real, it is looming.
In the insurance industry, the cyber insurance market has gotten much tougher over the years, and more expensive, to get the coverage needed for protection in the event of an attack. Updating cybersecurity at your organization can help you secure coverage, have access to lower premiums, and remove the prospect of denied claims due to improper risk management with cybersecurity.
Want the best cybersecurity insurance? Here are some key cybersecurity measures to put in place when applying for coverage:
  1. Multi-factor authentication: This fast growing form of security is now often a prerequisite for coverage. Insurance carriers will look to see how you have utilized multi-factor authentication to mitigate some of the most common security gaps before they will offer coverage and take on the risk.
  2. Advanced IT defenses: IT is a specialized area of expertise that requires constant upgrades, reevaluations, and quality adjustments. Consult with top notch IT firms to ensure you have an advocate in your corner, pushing you organization into best practices and educating you on the defenses that are important to help prevent cyber attacks.
  3. Don’t leave the “door open”: If you experience a cyber attack and your insurer believes that you ‘left the door open’ through weak practices, they may have grounds not to pay out. Implementing some type of Extended Detection and Response (XDR) technology can help. It enables to identify IT weaknesses such as out-of-date software, amongst other attributes. Employing this type of cybersecurity prevention will help show insurance companies you did everything in your control to help prevent an attack. This way, when it comes time to pay out on a claim, there should be no issues.

Creating a network of cybersecurity protocol around your organization is always a good thing. It will help keep insurance premiums down in the long term and minimize your risk of exposure. If a cyberattack does happen, that’s when the cybersecurity insurance can be the next level of protection beyond what you’ve done proactively.

To discuss cybersecurity insurance options for your organization click here to contact our team of specialists. And remember, if you ever find yourself in the midst of a cyber attack, respond quickly and appropriately, which can significantly reduce the effects of the incident.