Cyber attacks are on the rise. While many people are aware of the number of attacks increasing dramatically, few are familiar with the scope of these attacks, and the damage they cause.
This danger is accelerated by the emergence of state actors and state-sponsored actors who are carrying out cyber attacks. Anyone who doubts this needs just to look at the Russia-Ukraine cyber battle to realize the impact that this change will have.
Given the potential of cyber attacks to wreak havoc and cause major financial damage to organizations, cyber insurance has risen to the fore.
In this article, we’ll explore the basics of cyber insurance, and the factors that influence it.
Why cyber insurance
In a nutshell, cyber insurance covers companies’ costs in the event of a cyber attack, including a data breach. These costs range from penalties imposed by regulators, to lawsuits from those who suffered from the breach or attack, to the internal company costs of remediation including the bringing in of specialists who can determine what happened, the extent of the damage, and how to fix it.
Today, this type of insurance is considered mission-critical. It is not a question of if an attack will occur, but when, especially without certain key solutions in place (more about this coming up). Without cyber insurance in place, companies are leaving open a huge risk factor – and while cyber insurance doesn’t always cover all costs pertaining to an attack or breach, it gives at least some form of protection.
What impacts cyber insurance requirements?
Insurance companies don’t offer cyber insurance to just any company. The risks are too great. Rather, this type of insurance is usually only extended if certain safeguards are in place.
One of these is a Data Loss Prevention solution. While some companies have this in place already, others have to scramble to implement DLP in order to comply with the cyber insurers’ requirements. When might this happen?
- Policy changes by the insurance company that requires the customer to have DLP
- Premiums being increased, or the denial of such insurance if the company doesn’t add DLP as a capability in their cyber security posture
- Insurance companies are adding this requirement when the customer’s policy is coming up for renewal
- Some insurance companies are trying to change their policies before the end of the term to include DLP
Clearly, insurance companies offering cyber insurance have a reason to insist on DLP as a requirement. That’s because having the right DLP solution in place can improve a company’s cyber security posture by orders of magnitude.
What’s critical to understand at this point is that not all DLPs are created equal. There are legacy DLP systems which are by definition less effective against the latest threats – and then there is a new generation of DLP solutions that are purpose-built to protect data everywhere, including on the cloud.
ITsMine: Agentless beyond DLP
ITsMine, and its flagship Agentless BeyondDLP™ product, is the latest solution for complying with Data Protection regulations. It’s an instant solution for cyber insurers’ DLP requirements, and gives users an immediate “check mark” for all of their DLP needs.
Besides the massive advantage of a 1-stop compliance policy for cyber insurance purposes, ITsMine brings tremendous additional benefits:
- It’s simple to install, and can be implemented in 1-2 hours
- Cloud-based, or on-prem installations available for sensitive scenarios
- Agentless solution – nothing to install on the workstation
- No maintenance
- Cost effective for all types and sizes of companies
- Cost effective when compared to other DLP solutions: no professional services needed for installation or ongoing use
Make cyber insurance work for you
With the threat of cyber attacks increasing, every company will need a robust and comprehensive cyber insurance policy in place. Ensuring that you have the best DLP solution possible not only significantly increases your company’s security posture, but also makes cyber insurance easier and least expensive to obtain.
ITsMine enables companies to comply with cyber insurers’ requirements, while enhancing their data security and providing immense value beyond these cyber insurance requirements.