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October 2022 💻 Cyber Insurance

2022-10-28 RSS Feed

Like other forms of insurance, cyber insurance is a valuable tool to protect your organization. Cyber insurance helps mitigate losses associated with cyber incidents, such as a data breach, ransomware attack, or other forms of damage to your corporate network.

Unfortunately, cyber incidents are on the rise, increasing by as much as 35% annually. This has caused premiums to increase exponentially in some cases. If your organization’s renewal is approaching, now is the time to review your network and the security measures in place. You should also request the current renewal form as soon as possible rather than waiting as some of the components required to qualify may take time to implement.
 
The quick and prevalent adoption of remote work, brought on in part thanks to the 2020 Coronavirus Pandemic, led to insurance providers changing their requirements for organizations to qualify for cyber insurance. Providers are now asking questions about your network infrastructure, security practices such as multi-factor authentication, and how your organization’s data is managed. Organizations with more security measures in place may also receive better rates from their insurance provider, as the risk of loss from a cyber attack decreases.
Our priority is to keep your network secure and manage your data following industry best practices. As a result, the technology stack CSOLVE utilizes can ensure your organization meets the requirements of your cyber insurance policy. There are many requirements for cyber insurance, and these are changing frequently. CSOLVE can assist with many, such as the implementation and enforcement of multi-factor authentication, which we covered in a previous newsletter. Our Remote Monitoring and Management tool ensures devices are regularly and automatically patched, and our regularly scheduled backup solution includes encryption of data at rest and in transit. Other measures, such as our ongoing Security Awareness Training, ensure your users are informed on how to detect and report malicious activity.

Congratulations to ServiceMaster of Midland and Orillia on your anniversary! Owners Dwayne and Tanya recently celebrated their 25th year in business and ServiceMaster’s 50th year in Midland. Thank you, ServiceMaster, for inviting us to be part of your celebration, and for being such an amazing partner!

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