Cyber insurance costs on the rise 

by | May 5, 2022 | Security, Business, Managed Services

We’re starting to hear from clients and insurance brokers that cyber insurance costs are on the rise, in some cases up to 200%.  Of course, this comes with insurers cracking down on IT controls – making sure their insureds are operating as securely as possible. 

Clients can expect increased scrutiny over their application or renewal.  The length of the questionnaires vary greatly, but at a minimum, insurers will ask about and want to see the following things in place: 

  • Multi-factor authentication across all systems and accounts including email, remote access, vendor access, VPN’s, SAAS/cloud applications, etc. 
  • An enterprise-grade endpoint protection solution (antivirus and malware). 
  • Employee security awareness training, including phishing training. 
  • Email spam and phish filtering software. 
  • No end-of-life software. 
  • Closed remote access ports, including remote desktop protocol (RDP). 
  • Security patches applied in a timely manner. 
  • Offsite, tested, and monitored backups that are not accessible from your network. 

Clients that implement all security best practices and tools will likely face lower Cyber insurance costs, easier renewals, and enjoy the benefits of increased security.  Of course, this list represents a list of best practices the majority of our VIPsupport clients already follow.  If you have a Cyber insurance renewal coming up, it might be a good time to make sure your IT best practices are buttoned up.  If you read this list and feel like something is missing, get in touch and we’ll help you get it corrected.