It has never been more important to protect yourself and your business from cyber events.
A recent Harvard Law School article estimated that ransomware attacks increased seven-fold in 2020, with over 17,000 devices detecting ransomware every day. Chubb, one of our premier insurance carrier partners, estimates that cyber incidents have increased by 549% over the past decade for all industries, and over 2,900% for manufacturers. Beyond claim frequency and severity, the demand for cyber insurance is outpacing the capacity the market has to supply coverage.

As a result, we are seeing cyber insurance premiums rising 100% to 300% year-over-year, driven by the increased number and severity of attacks, many of which are targeting vulnerabilities exposed in the work-at-home environment, and the constantly evolving tactics of cybercriminals.
Insurers are being more selective during the underwriting process, increasing premiums, reducing capacity, and restricting coverage terms. 

There are certain criteria your organization needs to meet in order to even be considered for cyber coverage.

The team at Schauer has compiled a list of key activities that you should be implementing now in order to protect your company.

It is rapidly becoming expected—and in some cases required—for you to show a level of compliance with these activities in order to be considered eligible for cyber liability insurance.
#1 Multi-Factor Authentication

Multi-factor authentication (MFA) adds a layer of security that allows companies to protect against compromised credentials. To gain access, users must have credentials (e.g., a phone number, unique security code) from at least two categories of “Something you know, have, or are.”

At a minimum, MFA controls should be applied to these key access points:

  • Remote access to the network, including web-based email
  • Administrative access to privileged user accounts
  • Remote access to email
#2 Limit Administrator Privileges

Users with administrative privileges often have unrestricted access to an organization’s information assets, operating systems and applications. These accounts should be carefully controlled and monitored to reduce the possibility of system failure and to enable a quick response to threats. 
#3 Back Up Your Data

Important data should be backed up daily and in multiple locations, one being off-site. Poor backup protocols can easily be exploited by cybercriminals, subsequently resulting in ransomware attacks.

Organizations should follow several data backup security procedures:

  • Conduct data backups routinely, backing up critical data more frequently
  • Store backups offline and in a separate location from other systems and networks
  • Only allow trusted and qualified employees to perform data backups 
#4 Provide Security Training

Your company's employees are your first line of defense when it comes to cyber threats. It’s critical for organizations to thoroughly train personnel on common cyber threats and how to respond.

Employees should:

  • Follow safe web browsing practices
  • Create strong password policies
  • Be aware of phishing and understand how to combat it
#5 Vulnerability Assessments

The best way to evaluate your company’s data exposures is through a vulnerability assessment. Using a system of simulated attacks and stress tests, vulnerability assessments can help you uncover entry points into your system. Following these tests, security experts compile their findings and provide recommendations for improving network and data safety.

There are many more solutions you can employ to better protect your business, but starting with these best practices will give you a broad range of protection.
Need more cyber resources?
Visit our online Cyber Portal to access articles, assessments and best practices to help protect yourself and your business.
Contact your advisor today to begin and let the Schauer team go to work mitigating your cyber risk.
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