Cyber insurance policies cover losses from computer network intrusions (hacks), malware infections, data breaches, and other types of malicious activity. It usually includes coverage for direct expenses related to an incident, including investigation, notification, and remediation.
Cyber insurance premiums vary depending on the strength of your cybersecurity measures, the types and amount of coverage included in your policy, and the size of your business (number of employees, annual revenue, etc.), which affects the size of an insurance claim in the event of an attack.
The cyber insurance market is considered a risk due to the increase in ransomware payments and other costly breaches. The lack of long-term data makes it difficult for providers to assess the risks they are taking on. With the increased demand for coverage alongside a steady rise in cyber incidents, the price of cyber insurance has been rising.
There are several critical elements of cyber insurance coverage that most businesses need. These essential coverages include:
Since the cyber insurance landscape is changing rapidly, it's essential to understand the latest requirements. Here are somethings you can expect, along with steps you can take to maximise coverage and minimise costs.
Whether your organisation is considering cyber insurance for the first time or is up for a policy renewal, you'll have to complete a questionnaire about your existing cybersecurity tools and continuous monitoring programs, current adaptive controls, and processes. Your organisation's ultimate evaluation “score” helps the insurance broker quantify your level of risk and overall security posture. Having a well-documented proper cybersecurity program helps keep your insurance premiums lower.
With the rise of cyberattacks on the firms’ databases, services, networks, and bank accounts, assessing a company’s cybersecurity before hackers do is crucial for every business. One security breach can cause the permanent loss of clients’ and stakeholders’ trust and, in some situations, can even lead to bankruptcy. One of the basic steps to protect your company’s data from unwanted eyes is to perform a penetration test.
Frequent risk assessments performed by third-party service providers also helped prepare you for your cybersecurity insurance audit and renewal review. Due to the increase in claims from ever-increasing cybersecurity risks, insurance providers are spending more time performing more in-depth due diligence processes to validate the client's cybersecurity attacks prevention capabilities before issuing new policies. Insurance carriers look for well-maintained and updated security programs with proven cyber security incident capabilities strategies.
Most insurance carriers require organisations to ensure the secure deployment and upkeep of the following security capabilities and adaptive controls:
o Does your organisation perform regular system/file backups?
o If yes, do they cover your organisation's critical data?
o Are they stored offsite or on-premises?
o On-premises: Are they connected to your network (e.g., NAS) or physically separated (e.g., USB, CD)?
Cyber insurers often refuse to pay policyholders who don’t demonstrate ‘reasonable care for their security risk program while failing to uphold their patch management policy.
Cyber insurance can help protect against some common cyber risks. Still, cyber threats are growing, so cyber-attacks targeting critical infrastructure could affect entire systems and result in financial loss and catastrophic damage.
LinearStack brings operational efficiencies with their security experts to help protect your data, respond to a cybersecurity incident, and protect your intellectual property. You are gaining peace of mind, lowering operational and infrastructure costs while maintaining a higher level of security and critical business drivers for hiring a managed security service provider.
Internal IT, SecOps, and DevOps focus on net-new tasks and projects and less on operational upkeep. Managed services provide the skills, services, and reliability, so the core IT groups focus on strategic business objectives. LinearStack can handle monitoring, security incident response, and system patch. The cost of an MSSP to handle these operational tasks will be less expensive to the organisation.
This package is designed for small and medium enterprises to help with cybersecurity governance to provide their security adaptive controls, incidents, and processes are functioning correctly. Cybersecurity carriers will audit clients before renewal to validate that all security controls and other requirements are working. Leveraging an MSSP like LinearStack will meet these requirements.
Out package covers all stages of cyber defence, from gap assessment, remediation, and road mapping to 24 x 7 threat detection and response. This service helps support vulnerability management, protection of e-commerce environments, and continuous compliance mandates and regulatory requirements.
Our Technology and Architecture Implementation services are designed for organisations that need security frameworks tailored to their existing IT infrastructure and organisational goals to help secure the next-generation retail customer experience.
Industry expertise
We live and breathe cyber security, which means we use the best software, know how to set it up for the best results, and learn how to run a robust program. You get access to the latest industry innovations and intelligence and a team of experts, so your team can sleep at night.
Specialist teams ready to respond
Seconds matter with security breaches, malware infection, and ransomware attacks. Our dedicated threat response teams are ready and alert, quickly identifying threats, searching through log data, making decisions, collaborating, and remediating incidents.
Founded in 2013 with a strong focus on world-class cyber security services, LinearStack was built from the ground up in Auckland, New Zealand. Our passion for making information security simple and accessible for all organisations is the fuel that fires our engine.
We’re a growing team of certified Cyber Defence Analysts, Threat Hunters, Incident Responders, CTI specialists, Malware analysts, security architectures, and engineers with two geo-redundant operations centers across the globe.
We’re 100% privately held, grown with a family mindset. When working with clients, we’re well integrated within their teams and act as an extension of their operations. Augmenting existing teams is a transition we manage smoothly, empowering our customers to prioritise cybersecurity strategy while we protect their business from cyber threats 24x7.
We believe maintaining thriving IT systems and assuring data protection are fundamental needs that all businesses deserve.
Want to know more about what we have to offer? We'd love to hear from you
Get in touch with us today:
Phone: 0800 008 795
Email: info@linearstack.co.nz
Website: https://linearstack.co.nz