Cybersecurity risks and threats to your personal data’s security online are quite common now. Never a dull moment in the cyber world, but how do the cybersecurity maintainers ensure that the risks are dealt with as they should be? We know it’s your right to know how a cybersecurity insurer mitigates the risks to your data effectively, and that’s what today’s blog post is all about. So let’s not drag it anymore, and we’ll disclose the hidden facts for you. Let’s dig in!
What Is Cyber Insurance?
Here’s the answer to the first question that is popping into your mind. Cyber insurance is a product, specialty insurance product, that was developed in order to protect businesses and other people from the risks of information technology and the internet. Many insurance carriers are available to help you out, with either cyber or non-cyber incidents. What does Cyber insurance cover?
- First party loss
- First party expenses
- Third-party liability
What Does Cyber Insurance Provide Security Against?
What are the potential threats that you might suffer in case you’re not considering cyber insurance? Here’s a minor list.
- Identity theft
- Cyberstalking
- Malware attack
- Email spoofing
- Phishing
- Media liability
- Social media liability
- Cyber extortion
- Privacy and data breach
The list continues, and you know it doesn’t end but with leaving huge damage to your business or personal image.
How Does A Cybersecurity Insurer Mitigate Potential Risks?
Vulnerability management programs are a good example of how cybersecurity risk can be managed by pairing cyber insurance and risk mitigation. Here’s how vulnerability management programs work:
- Vulnerability scanning to look for potential access points.
- Penetration testing to detect weaknesses, if any, by what you can say faking a violation of security.
- Patch management includes updating systems or applications with vendor-supplied fixes.
- And lastly, remediation, that includes post-event actions so that no such thing happens again in the future.
Additional Vulnerability Management
In case the insurers intend to go above and beyond, some other activities that might overlap with your cybersecurity programs can be:
- Incident response
- Security awareness
- Security Training
- Risk assessments
- Exercising
- Testing
- Scheduling penetration tests
- Scans
- Budget preparation
- Policy development
- Procedure development
- Installing patches
- Audit preparation
- Compliance support
- Vendor coordination
From the list above, you can get an idea that cybersecurity risk mitigation is not an easy process but, in fact, a very detailed one. Cyber insurance is definitely an integral component of a cybersecurity program, but still, it also depends on the organization and how they deal with the aftermath of such situations.
Final Verdict
Cyber insurance and risk mitigation complement each other so well and are, no doubt, the need of the day. As the technologies keep revolutionizing, it is inevitable for cybersecurity insurers to be on the same level as cyber criminals. Any minor act of ignorance can be a dreadful nightmare for many. A collegiate approach of the data specialists, carriers, brokers, and infosec experts is where the future of cybersecurity lies.
Rogue Logics provides in-depth security services for the assessment and protection of your application, data, and infrastructure against potential threats on-prem or in the cloud. Want a consultation with the professionals at Rogue Logics? Contact us and get a free quote.