Meet Your Cyber Insurance Requirements

Given the increasing prevalence of cyber threats, cyber insurance is crucial for organizations of all sizes. Cyber insurance, or cyber liability insurance, is designed to help businesses mitigate financial losses from cyber threats such as data breaches and malware attacks. A cyber insurance policy helps businesses mitigate risk and offset the rising costs of ransom and extortion payments, system recovery, investigation, customer notifications and credit protection, public communication services and other legal expenses.

The typical cybersecurity insurance requirements for a cyber insurance policy includes:

• An Endpoint Detection and Response solution in place to monitor all endpoints
• A vulnerability management program to identify risks and build continuous awareness of threats
• Regular phishing and security awareness training
• A Network Detection and Response (NDR) solution to monitor network traffic
• Storing log data via a SIEM or Log Management platform for visibility that enables context and correlation
• Someone responsible for cybersecurity, have a formal information security policy and run annual risk assessment
• A documented incident response plan

Partnering with Managed Detection and Response (MDR) service providers can mitigate cyber risks for your organization and assist with cyber insurance requirements. MDR offers 24/7 multi-signal visibility across your entire attack surface, but also offers strong threat detection, investigation, and complete response capabilities across your endpoint devices – backed by proactive threat hunting and threat intelligence.

By ensuring that you have proactive security measures in place, you will be able to not only meet cybersecurity insurance requirements but also anticipate, withstand and recover from cyberattacks. However, not all MDR is created equal. When evaluating MDR providers, you need to ensure their services map to the most common cyber insurance requirements to mitigate your cyber risks and ensure your policy binds.

To evaluate MDR providers and ensure they meet cyber insurance requirements, you can download our 7 Questions to Evaluate MDR Providers to Help You Meet Cyber Insurance Requirements guide here. This guide outlines how MDR services map to the most comment cyber insurance requirements to mitigate your cyber risks and ensure policy binds.