If you want to safeguard your business, what's one of the first things that you’ll want to secure? Insurance. You can redirect some of your risk to another party and provide a lifeline to your company to keep operating in the face of disaster.
Any company that wants to obtain cyber liability insurance must comply with strict measures to be approved.
Some of the most common requirements that we see as a cybersecurity company in Miami that businesses must meet to obtain coverage, includes:
Incident Response Plan
Your incident response plan is the key to acquiring cyber liability insurance. You should have:
- Plans in place if a cyberattack occurs
- Processes in place if a cyberattack occurs
Insurers want to know that you’ll do everything in your power to mitigate incident damage. Details on the steps and measures you’ll take to prevent excessive damage will convince an insurer that you’re mitigating your risks and the insurance company’s risks if an attack occurs.
Access Controls
Strict access controls must be put in place to ensure that only employees or owners have access to certain:
- Documents
- Servers
- Databases
- Etc.
Vulnerability Assessments
What vulnerabilities exist within your organization? When was the last time that you had a full vulnerability assessment performed? Insurers expect you to have a third-party run a vulnerability assessment on your systems to ensure that you’re following best practices and correcting any weaknesses found.
Employee Training
Your employees can be a weakness or strength for your business. If you have a new employee, onboarding should include in-depth training on the best security practices to follow. You may also need to offer ongoing cybersecurity training to employees to maintain your insurance.
Encryption
Often, insurers will require businesses to encrypt their sensitive data to reduce the risk of a breach.
Encryption protects in-transit and at-rest data from being hacked by scrambling it into a code that can only be deciphered if you have the secret key.
Multi-Factor Authentication
Insurers may require businesses to implement multi-factor authentication. Although it adds an extra step when logging into accounts, it also reduces the risk of unauthorized access to these accounts and the data it contains.
Multi-factor authentication requires users to provide two forms of verification before being able to access an account. In addition to a password or PIN, the user may also need the following:
- A code sent to their email or phone
- A physical token or authenticator device
- Fingerprint or other biometric marker
The second form of verification is very difficult or impossible for a hacker to get their hands on. It adds an additional layer of protection because, without that second form of verification, the person won’t be able to access the account.
Multi-factor authentication is something we always recommend as experts in cybersecurity in Miami, even if your business isn’t seeking cyber liability insurance.
Cyber liability insurance is becoming a standard for businesses in today’s digital world. However, businesses will need to meet certain requirements to ensure they’re reducing their risk of an attack. Use the guide above and seek expert help to ensure that your business is prepared for this type of insurance policy.