Due to a heightened security risk environment, insurance companies are requiring businesses to meet minimum security requirements when renewing their insurance policies.  These requirements are designed to protect the sensitive information that companies store about their customers, critical business information and personal information about their employees. Insurance companies rate and measure their policy costs according to how well a business complies with these security guidelines.

At Waytek, we guide you in the complicated steps to compliance and provide you with the means to achieve these security goals for your business.

Here are some good checkpoints for cyber insurance requirements:

  1.  Strong security controls – We work closely with our clients to ensure that the right people have access to just what they need and that access is role-based, with individual centered security controls. Cybersecurity insurers want to see that you have significant measures in place to protect sensitive systems and data.
  2. MFA Multifactor authentication should be used whenever possible. We verify and create controls to ensure that all users are compliant. MFA reduces the risk of unauthorized access, especially where passwords alone may not provide enough protection. An added layer, such as a fingerprint adds protection even if a password is stolen.
  3. Incident response plan – A response plan should describe how your business will manage a cybersecurity incident. We create these plans for all of our clients and build our services around quickly responding and mitigating the impact of a security breach or failure in some other areas.
  4. Vulnerability assessments – Every insurer will ask for proof of network security, which is a best practice for any business. Included would be firewall protection and any measures used to protect against unauthorized access.
  5. Encryption – This is a vital point to data security strategy. It is an important part of how we set up systems for our clients. This applies to servers with data at rest as well as email encryption.
  6. Employee training – This is a critical factor in compliance, from imposing basic security best practices on employees to providing ongoing training with tools like  KnowBe4.

 

Please reach out to us with any other questions regarding IT insurance compliance and how we can ensure that you are able to meet or exceed all requirements for your organization.