Cyber Insurance

Christopher Eaton | March 1st, 2022

 

In today’s treacherous threat landscape, it is becoming increasingly difficult for businesses–particularly small and medium-sized businesses (SMBs)–to purchase meaningful and cost-effective cyber insurance coverage. As ransomware attacks continue to ramp up with some operators actively targeting individual users, including small businesses, having insurance as one layer of protection against data loss and business downtime is vital. Oftentimes this is because minimum levels of compliance are necessary to meet certain thresholds of insurability. Fortunately, there are three specific steps that SMBs (and larger organizations, for that matter) can take to improve their security posture and become ideal candidates for cyber insurance coverage.

3 Steps To Improve Security Posture and Cyber Insurance Coverage

Build Your Incident Response (IR) Plan

Threat actors want your business-critical data and work continuously to access it. Building a rigorous IR Plan ensures the proper systems, resources, and communication channels are in place so your team, not the threat actors, is in control in the event of a data breach. An efficient and strong IR Plan lessens your need to file a claim following a data breach as your losses will be minimized if not eliminated entirely. SpearTip offers comprehensive services, including internal and external pre-breach assessments that examine an organization’s security posture from the top-down and executive tabletop exercises that enhance the communication channels of decision-makers in the event of a breach, as part of formulating a complete and effective IR Plan.

Identify Sensitive, Business-Critical Data

Every piece of sensitive organizational data must be accurately identified so it can be fully protected. Sensitive data includes intellectual property financial records, personally identifiable information, and client data. All of this data must be properly stored and backed up to ensure it remains inaccessible to threat actors attempting to breach your network. Having data safeguards in place limits potential liabilities related to data compromise. In order to help businesses in this process, SpearTip provides penetration testing that will identify key sensitive data and clarify vulnerabilities related to its overall protection so it does not fall into the wrong hands.

Assemble a Technical Roadmap

Following a comprehensive security assessment, your team will observe and learn from SpearTip experts how to remediate the exposed weaknesses and gaps present in your overall security posture and better protect your valuable and sensitive data. Executing the technical roadmap laid out and reassessing annually will enhance your overall cyber maturity and reduce security risks and insurance liabilities. Everything we do at SpearTip is focused on protecting our partners from cyber threats and cybercriminals. Our goal is to be your security partner in order to help strengthen your organization, protect all your sensitive data, and reduce your overall risk. SpearTip defends you with proactive security assessments, active threat monitoring with ShadowSpear and a 24/7 SOC, and rapid incident response.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.

 

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