The cyber risk insurance marketplace is changing, due to significant concerns related to increased Cyber threats and attacks against businesses of all sizes.
The underwriting process for renewals and new business will be much more detailed than in the past, and will include revised applications containing the following items (at a minimum) that your IT staff will need to address:
- Multi-Factor Authentication (MFA) for all remote access to your network, such as company email, network systems and network administrator accounts
- Employee training to recognize Phishing emails, bogus log-in pages and links
- Spam filtering, virus protection programs and email filtering
- Remote Desktop Protocols (RDP)
- Segregated Backup system
Unfortunately, failure to implement these protections within your operations may dramatically impact your Cyber Risk insurance coverage and pricing.
Your Kraus-Anderson team will be reaching out to you ahead of renewal to provide applications and address any questions or concerns you may have about cyber risk.
Take 200 seconds and listen here to Jeanine Loomis from RT Specialty, one of our expert partners; explain these cyber risk management challenges and the urgency around these practices.