Cybersecurity Insurance Renewal: Required Items to Implement Before Renewing
Over the last several years there has been a significant increase in cybersecurity insurance claims by organizations, which ultimately has forced insurance providers to assess their insured’s risk at a more granular level. Do not be surprised if your next cybersecurity insurance renewal process requires you to fill out a questionnaire regarding the security controls you currently have in place. Insurance providers use these security questionnaires to assist in determining your premium. We don't want you to be surprised by these new questions, or worse, blindsided by premium increases or even a decline of coverage.
Below are common reasons your cybersecurity insurance policy may get rejected or increase in price:
- Inadequate disaster and business continuity planning
- Failure to implement Multi-Factor Authentication (MFA)
- Lack of cybersecurity awareness training
- Missing written cybersecurity program or policies
- Vulnerable services still active
- Exposed network ports
- Insufficient endpoint security
- No IT risk assessment performed
To see where you stand, we can perform a quick assessment of your environment (no charge for qualified organizations). If there are any areas you would like assistance with, either as a result of the assessment or that you’ve already identified, we are here to help. Protecting your organization from very real and dangerous cyber threats should always be a top priority, regardless of the cybersecurity insurance renewal process.
Let's go into 2022 with a more secure and proactive approach! Please contact us if you would like assistance with your cybersecurity insurance renewal process or any other security-related needs.
For our thoughts on the industries we serve and firm updates, follow us on LinkedIn.
Ready to Connect?
We deliver personalized, expert services. Find out what we can do for you.