Preparing for Cyber Insurance
This article aims to help organisations understand what’s needed to achieve Cyber Insurance Protection.
In today’s digital world, when a cyber or ransomware attack is not a question of “if” but more of “when and how hard” it will hit, organisations are understandably putting all their efforts into preventing potential threats.
We all know that having robust cyber security measures in place is crucial, but, as well as these measures, businesses should also be looking to add an extra step in their cyber risk management by getting Cyber Insurance Protection. Having the right insurance cover can help offset financial losses in the event of a successful breach. And, with the average ransomware attack costing as much as $170,404 (Sophos), it’s easy to understand why insurance protection is rapidly becoming an essential part of most organisations business continuity planning.
What is Cyber Insurance?
Cyber insurance is a form of insurance protection designed to cover businesses against evolved cyber security threats or data breaches. It is intended to complement cyber security, not replace it, and would usually cover the following factors:
- Data Loss & Recovery
- Ransomware Demands
- Business Disruption
- Legal Expenses
- Customer Notifications
- Systems or Hardware Damage Repair
What practices are required to qualify for Business Cyber Insurance protection?
Gaining Cyber Insurance cover has become challenging for some organisations, with minimum requirements to be met before being accepted for protection. Insurers may require additional information about the organisations existing cyber security setup and the corresponding procedures that are already in place. Additionally, many insurers will want the organisation to disclose any security risks, the nature of the company’s transactions, and details of all data that is in use or stored.
“Cyber insurance companies today are focused on a company’s ability to prevent, mitigate, and respond to ransomware attacks” DUO
How can Covenco help you tick those Cyber Insurance boxes?
To gain good Cyber Insurance cover, organisations will at least need to prove they have the most robust, up-to-date and comprehensive cyber security solutions in place. Covenco can help build appropriate cyber security strategies and systems to protect organisations against cyber threats.
Our cybersecurity services include:
- End-user security
- Incident Response
- Security Awareness Training
- Managed SOC & SIEM
- EDR & XDR
- Penetration testing
Companies will have to achieve specific data backup standards and proof of regular data backups using independent and secure solutions, such as the cloud. Covenco’s Data Backup services provide our customers with the ultimate protection to keep their data safe and secure, including:
Disaster Recovery Services
Another crucial aspect of Cyber Insurance cover is having an effective Disaster Recovery solution in place. Covenco can assist with Disaster Recovery planning, implementation, and ongoing management (DRaaS). With over 20 years of experience, we have the expertise in-house to help with every aspect of Disaster Recovery, including:
- Disaster Recovery Planning
- Disaster Recovery as a Service (DRaaS)
- Business Continuity
- Workplace Recovery
If Cyber Insurance is necessary for your organisation, Covenco can help you achieve the required defences and preparations to get approved for protection.
Get in touch today via the form below to discuss what’s best for your business with our data security experts.
Covenco has over 20 years of experience helping organisations implement bespoke data protection and management solutions that work for their unique circumstances.
Please complete this form to request more information about Cyber Insurance.