Cyber insurance: Make sure you’re meeting requirements

A few years back, the entire cybersecurity industry experienced a brief moment of panic — or, if not panic, at least concern — due to the emergence and growing popularity of cyber insurance.

You see, for just a moment we thought that organizations might decide that cyber insurance was an acceptable alternative to maintaining adequate security. After all, this was before the widespread adoption of SaaS security solutions and outsourced SOCs. So, security was complex, requiring a lot of resources and staffing to stay current and protected against fast-evolving threats. Would cyber insurance free companies from all that?

Reality check

Of course, that’s not what happened at all. Cyber insurance vendors understood quickly that to manage their risk exposure they had to require policyholders to maintain minimal security controls to reduce the chances of a breach — and incentivize them to deploy advanced security with reduced premiums.

Meanwhile, the average costs of a breach keep rising, expected to hit $5 million in 2023. At the same time, the cost of cyber insurance has also risen steadily — by 11% in Q1 2023 and 28% in Q4 2022.

At the same time, requirements for policyholders have gotten more stringent. If you expect to be covered when you file a claim, you’d better be sure you can demonstrate that you’ve met all your insurer’s requirements for strong access controls, security awareness training, encryption, incident response planning, and more.

Learn to be a smart cyber insurance consumer

The processes of effectively assessing and managing cyber risk, and of ensuring you’re meeting your insurer’s requirements, can be daunting. But an upcoming Barracuda webinar titled “Your guide to meeting cyber insurance requirements” aims to simplify things by giving you all the info you need up front.

The webinar will be co-led by Barracuda experts along with representatives of leading cyber insurance companies and the CEO of a top risk-management firm. So, you’ll be getting insights based on multiple insider perspectives, to ensure you’re prepared to:

• Navigate the latest changes to cyber insurance coverage and requirements 
• Improve your chances of getting the best coverage at the lowest cost
• Prioritize deployment of security controls to optimize eligibility for coverage

Don’t run the risk of finding yourself underinsured — or worse, having a claim denied. Reserve your spot at this highly informative webinar now.