Key Cybersecurity Controls Required by Insurance Companies

Cybersecurity threats are on the rise, with hackers and cybercriminals targeting businesses of all sizes. As a result, cyber insurance has become an increasingly important consideration for companies looking to protect themselves financially in the event of a cyber attack. Insurance companies are now requiring certain cybersecurity controls be put in place in order to qualify for coverage. In this post, we’ll look at some of the key cybersecurity controls and best practices insurance companies are mandating as part of cyber insurance policies.

Cybersecurity Training:
One of the top requirements insurance companies have is around employee cybersecurity training. They want to see that a company has an established training program educating employees on cyber risks, how to identify potential phishing emails or suspicious links, and what to do if they suspect a cyber attack has occurred. Training helps build a culture of cyber awareness and ensures employees have the knowledge to be the first line of defense against cyber threats.

Multi-Factor Authentication:
Insurance companies require the use of multi-factor authentication (MFA) as an account security control. MFA adds an extra layer of identity verification, requiring not just a password but an additional credential like a one-time code sent to a mobile device. Enabling MFA provides far greater protection against phishing attacks, credential stuffing, and other compromise tactics.

Endpoint Security:
Insurers will also mandate having advanced endpoint security controls in place, such as antivirus, anti-malware, firewalls, and intrusion detection. Endpoint security protects network access points like computers, servers, and mobile devices. Insurance companies want to see solutions that can automatically detect and remove threats from endpoints.

Regular Vulnerability Scans:

Regular vulnerability scans that identify weaknesses and misconfigurations in a company's IT infrastructure are often required as well. Scans pinpoint areas cyber criminals could exploit and allow companies to proactively address them. Insurance carriers may require scans be run quarterly or even monthly.

Incident Response Planning:
Finally, having an incident response plan in place for rapidly detecting and responding to a cyber attack is key. This includes having a computer security incident response team ready to isolate infected systems, coordinate restored, conduct forensic analysis, and enact data recovery efforts. Insurance companies want to be sure their clients are ready to take action in the event of a real cyber emergency.

Cyber insurance can provide an added layer of financial protection in the constantly evolving cyber threat landscape. By requiring clients put key controls like staff training, MFA, endpoint security, vulnerability scans, and incident response plans in place, insurance companies are driving improved security postures across organizations of all sizes. Taking the steps to meet common cyber insurance requirements builds more resilient organizations and helps minimize risks.

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