Obtaining cyber insurance is getting more difficult for SMBs which is why you should speak with your managed IT services provider about what you should do to be underwritten.
Small and medium businesses need cyber insurance. In fact, cyber insurance is expected to become mandatory for all third-party relationships – not just IT vendors, according to a report by Forrester. But here’s the catch: insurance carriers that still offer cyber liability insurance are no longer handing out policies like candy. They are now requiring their clients to take a more active role in keeping their networks secure by utilizing more robust security tools and implementing administrative policies and controls. We are seeing this reflected in the security audits our clients must complete for their insurance agencies. When it comes to being underwritten, a managed IT services provider can help you secure cyber insurance.
Obtaining cybersecurity insurance will be more difficult – if not impossible – for those organizations that aren’t willing to take the necessary precautions.
Critical Requirements
Here are some of the prerequisites that many insurance agencies are now demanding from their business clients:
- Multifactor Authentication
- Mobile Device Management
- Security Awareness Training for Users
- Spam Filtering
- Encrypted Backups
In addition to these basic requirements, there are other security measures we strongly urge our clients to consider that will help mitigate the risk of a cyberattack including:
- Applying Advanced Email Security Policies for Office 365
- Email DEMARC Monitoring
- Artificial Intelligence Email Protection
- Annual Vulnerability Assessments
- Next-Gen Antivirus
If your managed IT services provider is not bringing these issues to your attention, you could be caught off guard and uninsured. We would love to speak with you about how MIS Solutions can help strengthen your security posture in order to be underwritten. Contact us today.