As cyber threats grow, a solid cybersecurity stance is essential. Cyber insurance offers protection against various cyber incidents, but compliance with policy terms is crucial to ensure coverage.
What is Cyber Insurance?
Cyber insurance mitigates online business risks, covering losses from cyber incidents and related costs, differing from E&O insurance which doesn’t cover data loss.
Compliance Importance
Non-compliance with cyber insurance terms can lead to denied claims or policy cancellation, potentially devastating financially.
1. Advanced Threat Protection
Beyond basic protections, advanced solutions defend against sophisticated attacks like malware and phishing, incorporating cloud security and proactive threat analysis.
2. Multi-factor Authentication (MFA)
With the majority of breaches involving phishing, MFA is often mandated, adding layers like fingerprint scans or OTPs beyond just passwords.
3. Endpoint Detection and Response (EDR)
Monitoring various devices for threats, EDR solutions provide visibility and quick threat response, crucial for BYOD environments.
4. Security Awareness Training
Employee training is essential to counteract phishing and social engineering, creating a company-wide culture of cybersecurity awareness.
5. Segregated Backups
Against prevalent ransomware, separate backups of critical data in different locations are vital, often required by insurers to mitigate risks.
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