Did you know the average cost of a ransomware payment is $570k? Organizations of all sizes are concerned about cyber risk, with both cyberattacks – and costs – on the rise. Global cyberattacks on businesses increased 50% in 2021.
Here are a few considerations on how you can build cyber resilience for your organization.
What You Need for Cyber Insurance Coverage
Cyber insurance carriers are overwhelmed with submissions, renewals and claim activity. Last minute submissions can often increase your costs and lead to unfavorable terms in contracts. The key to securing great coverage is to take action before an event happens.
How Cybersecurity Helps
Alongside taking early action on cyber insurance, you also need to prove what cybersecurity protections and controls your business has in place.
"The market is taking a closer look at how businesses are detecting and preventing cyberattacks," said Adam Abresch, Executive Vice President of Acrisure Cyber Services. "This includes everything from MFA to advanced email security, data encryption, security awareness and training, secured back-ups that are tested regularly, endpoint detection and response, vulnerability management, security and information event management."
Acrisure Cyber Services can help by providing comprehensive layers of protection and mitigation to meet and exceed compliance and insurance requirements.
"We pair preventative measures that safeguard against attacks with cyber insurance that covers the back end when any losses may occur," said Abresch. "This true front- and back-end protection helps make organizations more resilient to cyberattacks."