12 Cyber Insurance Technical Requirements
"Lowers Premiums and Increases Coverage"
To be covered for cyber liability insurance, companies typically need to implement certain cybersecurity technologies and protocols to minimize the risk of cyberattacks. While specific requirements may vary by insurance provider, common technologies and practices include:
1 - Incident Response Plan (IRP)
A documented plan for how the organization will respond to a cyber incident, including communication, containment, and recovery procedures.
2 - Endpoint Detection and Response (EDR)
Regularly updated to detect and prevent malware, ransomware, and viruses on endpoints such as PCs, Servers and other devices. Including web monitoring / DNS Protection.
3 - Extended Detection and Response (XDR)
24 / 7 Security Operations Center - Monitoring and responding to security incidents on endpoint devices like laptops, desktops, and mobile devices.
4 - Backup and Disaster Recovery (BDR)
Regular backups of critical data and a robust disaster recovery plan to ensure data can be restored after an attack.
5 - Next-Generation Firewall (NGFW)
Includes VPN, Access Control, Intrusion Detection and Protection.
6 - Patch Management
Regular updates and patches for software, operating systems, and applications to fix security vulnerabilities.
7 - Multi-Factor Authentication (MFA)
Provides an additional layer of security, requiring more than just a password for access to sensitive systems.
8 - Data Encryption
Data, both at rest and in transit, should be encrypted to prevent unauthorized access to sensitive information.
9 - Access Control and Identity Management
Role-based access controls, ensuring only authorized personnel have access to sensitive systems and data.
10 - Security Awareness Training
Employees must be trained on recognizing phishing attacks and other common cyber threats.
11 - Vulnerability Scanning and Pen Testing
Regularly scheduled assessments of network infrastructure for vulnerabilities and testing to evaluate the effectiveness of security measures.
12 - Security Information and Event Management (SIEM)
A technology that provides organizations with a centralized platform for monitoring, analyzing, and managing their IT security. It combines security information management (SIM) and security event management (SEM) capabilities to help detect, investigate, and respond to security threats in real time. Collects and centralizes logs from various sources (e.g., firewalls, servers, routers, endpoints).