With the cost of cybercrime on the rise and the expected cost to reach 10.5 trillion dollars by 2025 it’s important to know what your Cybersecurity options are for mitigating these potential harms so your business is protected now and in the future. Read on to explore Cyber Insurance and if it is something that might suit your personal and professional needs.
Q: What has changed about cyber insurance?
A: It used to be very easy to get cyber insurance and get paid out, however, with the big uptick in ransom attacks cyber insurance now require you to fill up a very detailed questionnaire.
Q: What are some questions?
A: Do you have this policy? Do you have this control? Are you conducting penetration testing? Do you have a data management lifecycle? Do you have vulnerability management, patch management.
Q: What do the insurance companies want to see?
A: The insurance companies want to see that you have robust information security practices before offering your cyber insurance.
Q: What happens if a company says yes to every question , gets hacked and wants to file a claim?
A: Cyber insurance will do an investigation to make sure that your company has all the Cybersecurity protocols that you claimed to have when you answered the questionnaire, and if you do not, you will not be insured.
Q:How can careful security help make sure I can pass the questionnaire and receive insurance payments if I ever get hacked?
A: We will help you break down the questionnaires into something that applies specifically to your organization, and we help you build up your Cybersecurity controls.
Q: I do not want to pay for insurance, can you still help me build up our organization’s security controls?
A: Yes, however, not getting insurance could cause issues with your clients. Some clients will refuse to work with companies that do not have cyber insurance.
Q: What is security monitoring and alerting?
A: A lot of people do not understand what it is like getting hacked. They think they can just install a firewall or install a program to get rid of the hacker, it is not that simple. I have been working with someone who has been getting hacked for two years. He has gone to the FBI and has installed over 40 programs, and nothing worked until he came to careful security. We did a full investigation on his computer and found that the hacker was able to install viruses that allowed him to see everything that the user was doing. We found a way to reset his entire information security system so the hacker was completely locked out.
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