The rise in the frequency and intensity of cybercrime has seen many organizations turning to cyber insurance to help protect against the extent of financial losses following a cyberattack. While identifying and adopting a comprehensive cybersecurity strategy is crucial, even the most secure networks can still be exploited by adept hackers.
According to reports, the global cyber insurance market is projected to grow from $11.9 billion in 2022 to $29.2 billion by 2027. As a result, cyber insurance companies are steeply increasing their premiums.
Insurance companies require policy buyers to implement strict security controls in their organizations in order to qualify for coverage. However, the cyber insurance policy requirements for what needs to be implemented to obtain a new policy aren’t always clear.
The cyber insurance checklist
Cyber insurance companies often use a security checklist that includes vital questions to assess if your organization has the minimum security controls in place to obtain cyber insurance coverage. Some of them include:
- Do you have a mechanism in place to identify threats?
- Do you use multi-factor authentication (MFA) for both local and remote logins?
- Do you have a defense mechanism to combat ransomware attacks?
- Do you have a proper backup and recovery solution?
- How do you control privilege abuse?
The list goes on. The requirements of a cyber insurer seem to be very technical for most organizations, leaving many unsure of how to prepare.
How to qualify for a cyber insurance policy
The steps involved are simple.
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Get clarity on the questions asked by cyber insurers.
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Make a list of all the security measures that must be implemented.
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Identify a unified solution that helps to implement all the required security controls.
Looking for a solution to set your organization up for success when obtaining cyber insurance?
Don’t worry. You’re in the right place! ManageEngine AD360’s security-first approach can help you qualify for a cyber insurance policy with its effective security controls.
Download this checklist to evaluate the questions asked by cyber insurers and learn the security measures you need to implement to check them all off. You’ll also see how ManageEngine AD360 can help you meet these requirements.
