65% of SMBs hit with a cyberattack, fail within 18 months!
Securing cyber insurance has become increasingly challenging due to rising rates and stricter requirements imposed by insurers. While it typically takes some planning, businesses can overcome the following challenges and ensure they meet insurer demands when purchasing a policy.
Obtaining cyber insurance coverage can be a lengthy process, taking up to six months. It is important to have a technology partner and company champion who understands the importance of meeting new requirements and the impact of not addressing these requirements to lead the compliance effort. An experienced Managed Security Service Provider (MSSP) will help businesses identify deficiencies and lead the planning to meet the insurance provider’s requirements with a plan that aligns with company budget and requirements.
Cyber insurers are raising rates due to a surge in costly ransomware claims. To secure basic cyber insurance, organizations must now meet stringent requirements, which can take months to address. Now is the time for businesses to review their current security framework and plans to ensure that they are compliant with policy requirements including multi-factor authentication, complete data back-up infrastructure and comprehensive disaster recovery strategy. Implementing these managed services will protect assets and address cyber insurer's demands.
Insurance companies are increasingly denying claims for businesses that don’t meet minimal requirements or have misrepresented their readiness on annual surveys. Insurers have identified minimum requirements that must be met and maintained throughout the policy term. If an attack takes place, the insurer will perform an audit to ensure compliance and if the company is not in compliant, they can deny the claim leaving the company responsible for the full cost of the recovery effort whether that is a ransom payment or data recovery.
Securing cyber insurance coverage is essential for businesses, but the challenges posed by rising rates and stricter requirements can be overwhelming. An MSSP can provide a comprehensive solution, ensuring data protection and efficient recovery that meets insurer requirements.
Contact TTCG to schedule a 30-minute consultation and discover how our services can protect your organization and streamline the cyber insurance acquisition process.
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