You Received a Cyber Insurance Assessment – What’s Next?
What is a Cyber Insurance Assessment?
A cyber insurance assessment is a risk assessment that is required when a business needs to obtain cyber insurance, an essential aspect of protecting your business. While cyber attackers target both large and small businesses, smaller businesses are often an easier target. Cyber insurance can also protect your business in the event that data is compromised or operations are held hostage for a ransom amount. By evaluating cybersecurity risk areas and company procedures, an insurance company can determine a business’s level of risk.
Cyber Insurance Assessments are More Tedious and Detailed Than Ever Before
Cyber Security insurance is more important now than ever and insurance companies are requiring more detailed assessments that can be time-consuming for a business to conduct on their own. SkyViewTek has seen assessments several pages long, whereas in prior years only basic questions were asked and could more easily be completed by the business owner.
If You Received a Cyber Insurance Assessment, You Will Need To:
- Evaluate your existing security set up and solutions to determine level of risk based on current tools, procedures, and overall situation.
- Take steps necessary to tighten security to ensure you are eligible for cyber insurance, and potentially reduce the premium cost of cyber insurance.
A managed IT company like SkyViewTek can assist you with completing your cyber insurance assessment as well as reviewing and recommending steps to minimize cyber exposure. This provides greater protection to your business while also providing peace of mind that your assessment is being handled by a professional. SkyViewTek will collaborate with you to make cyber security recommendations that are aligned with your business functionality and goals, including cyber security awareness and training for your employees.
Some Topic Areas Usually Included on a Cyber Insurance Assessment:
- Nature of Data stored on your network
- Retention Policy
- Backup Policy, including frequency, type of backup technology, and storage method, including encryption at rest and in transit
- Remote Access methods and policy
- Vulnerability Scanning – (and how often tests are conducted)
- Penetration Testing – (and how often tests are conducted)
- Application Whitelisting
- Asset Inventory
- Data Loss Prevention
- Incident Response Plan
- Stateful Inspection Firewall
- Content Filtering
Call SkyViewTek For Cyber Insurance Assessments and Managed IT
Providing accurate and comprehensive data on these topics can end up being exhausting and time consuming. A managed IT firm can work with you to complete the process efficiently and thoroughly, while also working with you to improve your cyber security infrastructure.
Cyber security should be a top concern for every business, no matter the size. Insurance companies are making sure their clients have standards in place to minimize a cyber incident. SkyViewTek can assist with completing of the assessment while also advising you on how to mitigate risk so you can focus on running your business. Get in touch today for assistance with your cyber insurance assessment.
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