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Is Your Organization Eligible for Cyber Insurance?

Insurance companies that provide cyber insurance have been educating themselves about today’s cyber environment and the relatively new market of cyber insurance. Now, insurance companies are more aware of the need for their insured organizations to have proper security measures that include a wide range of solutions.

As insurers better understand what a “secure organization” looks like, they are tightening their requirements that places the responsibility on organizations to be more secure.

According to Netwrix’ 2023 Hybrid Security Trends Report,”59% of organizations either have a cyber insurance policy in place or plan to purchase one within 12 months.”

Insurance companies that provide cyber insurance have been educating themselves about today’s cyber environment and the relatively new market of cyber insurance. Now, insurance companies are more aware of the need for their insured organizations to have proper security measures that include a wide range of solutions.

Frequently, organizations have only a few of the required security controls implemented, which results in either higher premiums or denial of coverage. According to Netwrix, “28% needed to make changes to their security implementation to obtain a lower premium and 22% had to make changes just to qualify for a policy at all.”

In the report, there is mention of solutions impacting authentication and privileged access. The most interesting fact, when asked who poses the biggest risk to data security the number one answer was the organization’s own employees. Our staff and volunteers continue to be the biggest risk. Almost half (47%) of organizations had to implement regular security awareness training for their employees to qualify for a policy.

This makes sense because the number one initial attack scheme is still phishing emails. Through on going security awareness training, organizations reduce the likelihood of a successful initial compromise that would lead to a full blown attack – something cyber insurers are wanting their insured organizations to avoid.

Learning Is Created provides Quarterly Security Awareness training in every HIPAA subscription, which enables your workforce to make smarter security decisions every day.

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