Cyber Insurance Reduces Risk: Five Ways to Lower Your Rates 

Mike Bucciero, Client Experience Director 

Yep, it’s that time of year again. The moment when that dreaded questionnaire from your Cyber Insurer lands on your desk like a ton of digital bricks. Suddenly, panic mode kicks in, and you’re transported back to those school days, facing an exam that seemed more daunting than Mount Everest. 

Remember how you used to play the skipping game with exam questions, hoping for a miracle to help you conjure up some brilliant answers? Yeah, it’s like déjà vu all over again. Those blank spaces on the questionnaire are staring back at you, mocking you as if to say, “Come on, these are easy-peasy if only you had a tad more time to get your act together.”

No need to fret! Below are some suggestions to help you satisfy your insurers and secure a policy with ease, and better yet, improve your organization’s cyber resilience. Once you have these policies and platforms, completing the questionnaire will be a breeze. With these protocols actively in place, you’ll have the answers to the questions handy — just like an open-book test

Implement Multifactor Authentication (MFA) 

Insurers are getting hip to this thing called MFA. IDs and passwords just don’t cut it anymore. You need a secret handshake. Most platforms today have this natively built-in; it just needs activation. This one is an easy “A,” if you haven’t already done this, get MFA implemented ASAP.

Graduate Your Backups 

We’ve been diligently backing up data for decades, but let’s face it: what good is a backup if we can’t guarantee we can recover from it? Sure, fancy software with all its bells and whistles promises backup verifications, but what you need is a straightforward written policy to put your recovery to the test at least once a year. Couple that with some proper governance and encrypted air gapped storage, and you’re on your way to beefing up your resilience game.

Implement Security Awareness 

Your end users are the last line of defense in your cybersecurity framework, yet they’re often left unarmed against the threats lurking in cyberspace. Many organizations invest heavily in technology to protect themselves but neglect to empower their human firewall. 

The solution? Implement a robust Security Awareness Training program alongside phishing simulations. This will equip your team with the knowledge and skills they need to resist breaches effectively. It’s a simple yet essential step toward enhancing your organization’s security posture and when your team members complete an awareness program like KnowBe4, they’ll receive a certificate that documents their completion. Voilà — evidence for the insurers that your organization is doing its part to protect its assets. 

Bolster Your Endpoint Detection and Response (EDR) with Managed Detection and Response (MDR) 

Having solid endpoint protection is key to preventing your devices from becoming sneaky Trojan horses that slip past your defenses. But here’s the thing: an endpoint protection and response platform is only as effective as the team keeping an eye on it. Just because a file got quarantined doesn’t mean the threat vanished into thin air. Quarantined files may be an indication of other threats.

To supercharge your Endpoint Detection and Response (EDR), consider adding Managed Detection and Response (MDR) into the mix. Managing this technology is best handled at a Security Operations Center (SOC). Most companies don’t have the resources to do this, but if you choose to outsource this portion of your security plan, any incident will be recorded by the SOC and you have documented proof that you’re doing your part.

Implement a Managed Vulnerability Program  

It’s awesome that you’ve got your PCs and servers all set up with a Windows update schedule to handle critical and security updates. However, managing vulnerabilities isn’t just about keeping those systems up to date. Nowadays, our networks are filled with all sorts of devices like IP cameras, phones, and production instruments, each with its own set of potential vulnerabilities. And let’s not forget, if your network has been kicking around for a while, there might be some older protocols hanging around that are like open doors for cyber troublemakers. This is where a Managed Vulnerability Program comes into play. It gives you a big-picture view of your risk landscape and lays out a roadmap to shrink those exposure targets. It’s like putting on your cyber-detective hat and uncovering all the potential weak spots in your digital fortress, with the ease of an open-book exam.

Confronting the yearly questionnaire from your Cyber Insurer may evoke memories of stressful exams from your school years, triggering feelings of anxiety and familiarity. Nonetheless, with proper strategies, you can address these hurdles with confidence. By implementing proactive measures and embracing comprehensive security practices, you can successfully reduce risks and bolster your cyber resilience, providing reassurance amidst ever-changing threats. AND once these cybersecurity policies and platforms are in place, you’ll ace that exam hurdle (aka the dreaded questionnaire from your Cyber Insurer) with the grace of a gazelle.

Questions? Want to know more? Reach out and we’ll be happy to help your organization better prepare for cyber incidents, so you’ll ace the next “exam” from your Cyber Insurer.

At CISO Global we’d be happy to work with you to ensure you are prepared when the inevitable happens; ensuring you have a team in place, a plan with runbooks, and conducting drills to help improve your security posture. We are also happy to arrange an IR Retainer with your organization so that our experienced Incident Responders are ready to assist you when you call. 

Mike Bucciero, Client Experience Director

About the Author 

Mike Bucciero is the Client Experience Director at CISO Global with over two decades of experience in the realms of client experience, cybersecurity, and infrastructure management. With a career trajectory marked by continuous progression and achievement, Mike has excelled in various leadership roles, including Vice President of Client Services and VP of Operations. His passion for leadership and commitment to continuous learning have been evident throughout his journey, where he has cultivated a deep understanding of team dynamics and unwavering dedication to fostering talent. Notably, Mike’s leadership in directing managed services teams, interfacing with clients, and mitigating infrastructure risks has consistently ensured the delivery of high-quality solutions aligned with client needs.

As Client Experience Director, Mike is committed to educating and assisting clients in mitigating risk exposures and continuously improving their cyber resilience. At CISO Global, Mike continues to leverage his wealth of experience, passion for leadership, and commitment to learning in order to drive innovation, elevate service standards, and enhance client satisfaction in the ever-evolving landscape of cybersecurity.

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