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Cybersecurity-Insiders
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Could better backups reduce cyber insurance premiums?
- Premiums for cyber insurance have fallen 6% over last year as the market matures and providers become more accurate at assessing risk.
- Insurers are becoming more specific over what is covered. Ransomware, supply chain attacks and data breaches were identified as key risks.
- They are also becoming more exacting in their requirements, including security measures such as the use of encryption, access controls and secure storage.
- A robust backup policy is also an essential component of cyber defence strategy. However, half of all businesses questioned had to resort to recovering from backups in the past year but a third were unable to completely recover their data.
- Key considerations in meeting insurance demands include password hygiene, employee training and awareness, encrypted storage, patch updates and access controls.
- The use of air-gapped offline backups is critical given the reliance on repositories and the fact that they are a key target of threat actors.
- Collaboration between insurers and their business clients is needed to ensure transparent policies that address current and emerging threats on the insurance side and to add contingency storage on the part of the enterprise.
- Businesses need to read the terms and conditions of their policy and pay attention to any changes that are typically made by insurers on an annual basis to ensure they have adequate cover.
- While reducing the likelihood of it happening should be everyone’s interests, cyber insurance is not a substitute for risk assessment but should instead be seen as a means of guarding against residual risk once measures have been enacted.
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