a prospect as possible . To do that , it must demonstrate its implementation of best practices that prove to insurers that it , the insurance seeker , takes security seriously .
With the right threat posture , businesses may even be able to lower premiums .
Best practices
One area that frequently comes up as a high priority is Privileged Access Management .
First , automate password management as much as possible . Enact the principle of least privilege that grants employees role-based access . Implement just-in-time credentials and ensure security checks include multi-factor authentication . And regardless of role or seniority , educate every employee about cyber risks .
Assuming you can present an attractive prospect to an insurer , you will get a quote .
Next , revisit each of the concerns that brought the company to the insurance company in the first place . Tally best practices with the quote and the small print and start negotiating . By this stage you should be able to make the argument that your business is a low-risk entity and deserves reconsideration . Also , be on the lookout for the limits of coverage .
Cyber insurance , like many other products , may only insure up to a certain amount . Also familiarise yourself with the conditions of reimbursement , and the process to correctly file a claim . What must be proven before the payout can be authorised and what does the insurer stipulate as satisfactory evidence ? How easy
will it be to access and present this evidence in the event of a breach ?
Remember that just because a cyber insurer does not mandate a particular control , does not mean that its implementation should be ignored . It may strengthen the case for a lower premium because the business went beyond the controls mandated by the insurance provider . But even if it does not , the control may act as a hedge against a gap in coverage .
Positive returns
The core point is an obvious one , better cybersecurity means better insurance . And cyber insurance has emerged as a critical fallback for every enterprise . Best practice security solutions such as PAM platforms will form the backbone of a posture that not only puts the enterprise in a better bargaining position but serves the primary purpose of mitigating the risk of cyberattacks in the first place .
Security professionals know better than to rest on their laurels . With these critical first steps done , they must partner with other business leaders to carefully navigate the fine print , exclusions , and the challenges around renewals . •
Unsurprisingly , organisations are increasingly opting for a final fallback line and today 63 % of MEA companies admit to having purchased some form of cyber insurance .
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