We can't find the internet
Attempting to reconnect
Something went wrong!
Hang in there while we get back on track
34231 WhyCyberInsuranceShouldbeYourSOCsNewBestFriend v2
Cyber insurance is a crucial component of a company's risk management strategy, providing security, funding for incident response, and financial protection against rising threats like ransomware and funds transfer fraud.
- Loss prevention is key, not just figuring out how much to pay after a loss.
- Threat actors are getting better at their job, making it harder to prevent attacks.
- Cyber insurance should be a key part of a company’s risk management strategy.
- Ransomware is on the rise, with a 10% increase in 2022 and expected to continue growing in 2023.
- Funds transfer fraud is another type of attack that is becoming more common and lucrative.
- Companies need to educate their employees on how to prevent attacks, including using MFA and being cautious with email.
- Having a cyber insurance policy in place can help prevent losses by providing a sense of security and allowing companies to focus on recovery.
- Insurance companies need to adapt to the changing threat landscape and provide coverage that takes into account the latest threats and tactics.
- Data sharing between companies and insurance providers can help identify patterns and trends in attacks.
- Companies should have a clear plan in place for responding to an attack, including identifying the right people to contact and having a breach coach on hand.
- Cyber insurance can help companies recover from attacks by providing funding for incident response and restoration.
- Insurance companies need to provide clear and transparent coverage options to companies, including information on what is covered and what is not.
- Companies should regularly review their insurance policies to ensure they are adequate and aligned with their risk profile.
- Having a strong security posture, including regular software updates and security training for employees, can help prevent attacks and reduce the risk of losses.
- Cyber insurance can help companies transfer risk and reduce the financial impact of an attack.
- Companies should consider using tabletop exercises to test their incident response plans and identify areas for improvement.