As cyberattacks increase worldwide, insurance companies are tightening their cyber insurance policy requirements. This is due to the 80% rise in ransomware attacks last year, leading to a large number of claims. Among the new provisions are the requirement for multi-factor authentication (MFA) for all admin access and the protection of all privileged accounts. However, identifying gaps in MFA and privileged account protection within a network can be challenging for organizations. In addition to MFA, there are several other requirements that stipulate detailed attestation when filling out a cyber policy questionnaire. A few of those requirements are:
- Security Awareness Training and Testing
This process is designed to educate employees on cyber security threats and risks, and to test their understanding of these issues through interactive simulations and assessments. The goal is to raise awareness, increase knowledge, and promote safe online behavior within an organization. To reduce your risk of phishing attacks, nGuard has been conducting Security Awareness Training and phishing testing though our Social Engineering Assessment for years.
- Vulnerability Management
A thorough vulnerability management program will identify, assess, and prioritize vulnerabilities in an organization’s systems and networks, and take action to remediate or mitigate these risks to prevent exploitation. This helps maintain the security and integrity of systems and data by staying on top of vulnerabilities as they are discovered. Conducting monthly or quarterly vulnerability scans on an ongoing basis will not only help meet insurance requirements but also keep your network secure. nGuard’s Vulnerability Management can help you manage your external environment, internal environment, and meet PCI requirements with ASV scanning.
- 24/7/365 Monitoring
A Security Information and Event Management (SIEM) system collects and aggregates log data from various sources within an organization and uses analytics and threat detection techniques to identify potential security incidents and enable security teams to respond promptly. SIEM provides centralized security visibility and event correlation. nGuard’s managed security team performs both manual and automated daily log analysis that proactively detects suspicious activity in your environment with our managed SIEM service called Managed Event Collection & Correlation. nGuard is adding artificial intelligence and machine learning to detect and respond to security threats in real-time via UEBA (User and Entity Behavior Analytics).
- Secured, Encrypted, Offsite Backups
Offsite backups refer to the storage of backup data at a remote location, typically in a secure data center, separate from the primary data storage. This helps ensure that the data can be recovered in case of a disaster or cyberattack and protected against data loss while minimizing downtime. Offsite backups are an important component of a comprehensive disaster recovery plan. A Strategic Security Assessment utilizing the Center for Internet Security (CIS) 18 Critical Security Controls as the foundation can help bring the lack of controls like this and others to light.
- Endpoint Detection & Response (EDR)
This real-time security solution will monitor and respond to security threats on endpoint devices such as computers and servers using artificial intelligence and machine learning to detect and isolate security incidents.
As insurance carriers adjust the requirements to obtain and maintain coverage, a thorough assessment can help organizations identify and close security gaps to help meet the new cyber insurance requirements and improve their overall security posture. nGuard has a number of solutions that can help meet and exceed the requirements needed to obtain and maintain cyber insurance.