What Should You Do To Obtain Cyber Insurance Coverage?

July 6, 2022

By Ed Cooney and Ed Hanna

The cyber landscape is changing rapidly with many insurers reducing coverage, increasing deductibles, and dramatically raising premiums. Some insurance markets are no longer renewing existing policies, nor writing new cyber business at all.

What can you do to obtain coverage?

    • Back-up
      Perform weekly off-network full backups
    • Patch Management
      Install security updates immediately
    • Defensive Software
      Enable firewalls on all and employ the latest antivirus and anti-malware software for network servers
    • Train & Test
      Consistent training on malware identification, password constructions, responding to security incidents, social engineering attacks, conduct episodic phishing tests
    • Limit Remote Access
      Utilize a VPN and multi-factor authentication for all remote connections
    • Endpoint Detection & Response
      Utilize EDR tool that actively detects and removes malware and other malicious software from your network
    • Incident Response Plan
      Adopt a plan to guide decision making when a cybersecurity incident occurs
    • Passwords
      Implement a technology password policy that meets or exceeds the NIST Password Standards 800-63B and all associated updates

Contact us for your free, customized cyber risk analysis including:

    • Your company’s risk profile
    • Estimated potential financial losses
    • Comparative indutry benchmarking
    • Specific coverage recommendation

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Cyber Risk

Practice Leader

Edward Cooney

Partner, Senior Account Executive, Underwriting Manager Public Entity Practice

Practice Leader

Edward Hanna

Partner, Senior Account Executive, Enterprise Risk Management Practice Leader