How to Pass Cybersecurity Insurance Requirements

Take the Assessment to See If You Qualify.

Rising Cybersecurity Incidents

After the COVID-19 pandemic began, organizations saw a rise in cyberattacks. When compared to 2019, experts saw a sharp rise in the number of incidents.

The average cost of cyber insurance increased 35% in 2021.

For cyber-insurance providers, this was a heavy hit. They received thousands more claims than they expected, and due to this rise in attacks,
they have since ramped up their requirements. Businesses that were safely covered last year are having trouble qualifying today.

What Surprised Companies When Reapplying

When applying for cybersecurity insurance this year, many organizations were surprised by new protocols during the security interview.

Difficulty in completing applications.

Questions were more specific. For example, one provider asked: “What specifically did your organization do to counter the Exchange Hafnium
breach in March 2021?” While many organizations are accustomed to these questions during compliance reviews, they may be surprised to hear
them during insurance renewal.

Expectations regarding an organization’s security maturity.

For years, experts have been stressing the importance of assumed breach. Because of this, insurance providers are now putting a stronger
emphasis on post-breach systems. One provider asked: “What tools and processes are in place to detect a Business Email Compromise?”

Pricing.

Many organizations that did qualify were surprised to see that their rate had gone up. Higher expectations from insurance providers caused
some insurance rates to increase.

Complete End-User and Workstation Management

Peters offers a cybersecurity solution that includes some of the most sought-after capabilities by insurance providers. Those capabilities include:

24×7 Endpoint
Security Monitoring

24×7 Access to the Peters & Associates Support Team

Anti-Virus Management

Patch Management

24×7 Workstation
Lifecycle Management

Security
Awareness Training

Advanced Security Controls

Multifactor Authentication

Make Sure You’ll Qualify

Peters works with our clients to prepare them to qualify for cybersecurity insurance every day. We understand the types of questions and systems
insurance providers look for in a post-pandemic world. Take our assessment to find out if you qualify for insurance.

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