Organizations leveraging cyber insurance to help offset the cost of ransomware attacks see their annual premiums increase with every episode. Even if a single organization suffered a ransomware attack, its compensation costs would likely increase.
Email security is critical to reducing risk and exposure for many organizations while helping to keep insurance premiums lower.
This blog discusses the importance of organizations upgrading their email security and protection strategy by enabling more adaptive and proactive cybersecurity tools to support the mandates from cyber insurance carriers.
Trustifi, a global provider of advanced email encryption software, continues innovating its award-winning platform to assist clients with next-generation prevention capabilities supporting their cyber insurance protection and renewal mandates.
What Is Cyber Liability Insurance?
Cyber insurance, a.k.a. cybersecurity or cyber liability insurance, is an agreement between companies to manage the financial consequences of conducting business online. The insurer agrees to shoulder part of your risk for a periodic fee. This insurance policy required the policyholder to have an extensive and up-to-date proper cybersecurity program, including effective response capabilities.
To qualify for cyber insurance, the policyholder must prove to the carrier that all adaptive controls are operational, secure, and maintained throughout the year. For any lapse in security management, the cyber insurance carriers may elect not to pay the claim.
What are the Different Carrier Options?
Cybersecurity insurance companies often provide first-party and liability coverage, offering businesses varying levels of protection. All organizations with digital transformation strategies, including data migration to the cloud, onboarding new cloud-based SaaS-based applications, and zero-trust, should look into technology errors and omissions coverage as an additional measure to their existing cyber insurance policy.
The Cybersecurity Insurance Industry Adjusts to the Times
Mordor Intelligence predicts that the cyber insurance marketplace will reach $28.25 billion by 2030. Also, growing costs have sparked intensified attention to cybersecurity products. Cyber insurance premiums rose by 79 percent to 88 percent during the year’s second quarter, as opposed to an increase in the prior year. The insurance industry summarizes the basis for this escalation into two major categories: the cost of the breach and the average penalty for cybersecurity violations.
The Rise of Co-Insurance Programs
Because of the changing landscape of cyber insurance, several developments have occurred. Premiums are climbing, policy periods are becoming shorter, and complex market elements such as co-insurance are entering the picture. These programs require the client to be responsible for a percentage of the total damage caused by a cyber attack Previously, cyber insurance plans placed the cost solely in the insurance carrier.
How to Improve Your Cybersecurity Readiness?
Cybersecurity is more about communication and less about overlapping technical controls—cybersecurity awareness training is critical to the awareness strategy. However, most security awareness training programs become updates and often fall beyond valuable content based on the latest attacks.
Organizations have started security operations peering programs to help raise awareness. The “SecOps for a day” program entailed members of an organization sitting within the Security operations center for a day and helping respond to cyber events and data breaches. Having everyone in the organization understand how challenging it is for an organization with limited resources to respond to the sheer amount of violations, this formal on-the-job experience could positively reduce email phishing attacks and other attacks.
As non-SecOps employees see firsthand what happens when someone “clicks” the wrong link inside a suspicious email, the employee can witness firsthand the effect this one action has on the organization. SecOps teams also show the various reports and dashboards showing how the various adaptive controls, including advanced email security from Trustifi, help make their jobs easier and safer from phishing and ransomware attacks.
What are the Requirements for Cybersecurity Insurance?
Beyond increased policy costs, organization renewal cycles have become more challenging. Most insurance carriers require additional security adaptive controls implemented before any conversation around renewing existing policies. This change across the insurance industry forces organizations to transform their security and protection strategies, which are often long overdue.
Cyber insurance providers now require additional reporting, proof of successful deployment, and proven security operations procedures, including additional upgrades to email security incorporating advanced artificial intelligence, data tokenization, and email encryption. Other adaptive controls the cybersecurity carriers are pressing for are increases in better cloud security, zero-trust remote access, and multi-factor authentication.
Renewal Questionnaires a New Reality for Policyholders
Because cyber-attacks have increased, ransomware attacks have become more prevalent, and data breaches have become more frequent. An IT support representative at the time of renewal must accompany the renewal questionnaire. Within these questions are several areas for the client to disclose how the ransomware may have happened? and what systems were affected. Also, if the various adaptive controls prevented the attack from propagation across the network.
Meeting Cyber Insurance Renewal Requirements with Trustifi
More insurance carriers require their policyholders to add more security protection to meet the growing cyber threats. Adding additional security controls can often be a painstaking process for organizations with multi-layer architectures. Clients leveraging Trustifi’s advanced email security can enable other features, including data tokenization, encryption, and data loss prevention, quickly and without disrupting their users.
Trustifi’s Email detection and response (EMDR) offers clients access to experts to assist with the implementation. This service is ideal for helping clients meet cybersecurity insurance renewal requirements for monitoring and incident response to security events. Trustifi’s EMDR service provides a 24 x 7 augmentation monitoring service to assist clients with stopping attacks and help determine root-cause analysis.
Why Trustifi?
With Trustifi vendor consolidation and reduction of resource cost allocation, they align with the needs of small and midsize clients while not compromising on email protection, all with a single pricing model.
Trustifi offers a consolidated solution pricing to support small and midsize enterprise marketplaces. Trustifi requires fewer security operations, time allocation, and management resources.
The solution is API-based, not an appliance requiring a complex re-configuration of your email flow. Trustifi installs in minutes and requires no maintenance or upkeep.
Trustifi’s agile platform offers several proven security controls to help prevent the following attacks:
- BEC: Trustifi protection: Trustifi’s BEC AI is trained and designed to detect text-based emails to perform employee social engineering attacks.
- Pre-vishing attacks: Trustifi protection: Trustifi’s proprietary metrics can detect and quarantine pre-vishing attacks by unique identifiers.
- Spear Phishing: Trustifi protection: Trustifi uses AI, feeds, and proprietary metrics to detect and quarantine malicious emails, URLs, and files that aim to steal the recipient’s data.
- Impersonation: Trustifi’s advanced email security platform detects and tags the impersonation of the recipient’s contacts to ensure safe correspondence with a genuine connection. Also, it can identify actual emails from a brand.
- Account compromised: Trustifi protection: Trustifi has unique metrics to detect malicious emails even though they come from a known contact and allows listed senders. And provide account compromise detection of breached internal mailboxes.
- New domains: Trustifi protection: Trustifi can detect additional parts and service abuse and quarantine the email.
Trustifi Single Console for Ease-of-Use Management
With a limited IT and security staff at most organizations, the clients need security solutions to manage more efficiently while meeting HIPAA, PCI, and other compliance mandates.
Trustifi’s email security services feature a comprehensive suite of tools for advanced threat protection, data loss prevention, and enterprise email encryption for businesses.
- Enable email authentication for both inbound and outbound emails.
- Protect against data loss from outbound emails.
- Enable rapid response to threats and sophisticated threats and attacks.
- Advanced Threat Protection against malware attacks
- Detection and prevention of email-borne threats and spam emails
- Spoofing, phishing, and fraud detection
- Email account compromise
- Zero-day threats
