Cyber incidents are the #1 business threat globally, and the demand for cyber liability coverage has never been higher. As such, cyber insurance providers are doubling down on the basic security qualifications for applications and renewals.
While cyber insurance is an essential component of a comprehensive cybersecurity strategy, there are several challenges organizations may face when seeking cyber insurance. Noetic’s experienced consultants can effectively assess and communicate your cybersecurity posture to insurance providers, so you can enhance your chances of obtaining appropriate and cost-effective cyber insurance coverage.
Carriers have set much higher security hygiene expectations for their book of business in response to the evolving threat and vulnerability landscape.
As costs with cyber insurance claims continue to surge, obtaining coverage becomes increasingly difficult and expensive.
Since there’s no magic formula for insurance underwriting, inconsistent and laborious processes drain internal resources, limiting the ability to negotiate policy limits or rates.
Whether you’re a first-time applicant or coming up on a renewal, preparation is key. Maximize your insurability with Noetic’s cyber asset attack surface management (CAASM) platform.
Connect virtually any cloud or on-premises data source to achieve a multidimensional and graphical view of your entire estate.
Eliminate coverage gaps and demonstrate additional layers of security with automated evidence of key controls including multifactor authentication and endpoint detection and response (EDR).
Immediately detect new or missing entities and uncover new relationships between entities to close the gateways to your organization before incidents can occur.
Prioritize remediation efforts according to criticality, exploitability, context, and overall business impact to reduce your attack surface — and the likelihood of an attack — over time.
Connect virtually any cloud or on-premises data source to achieve a multidimensional and graphical view of your entire estate.
Eliminate coverage gaps and demonstrate additional layers of security with automated evidence of key controls including multifactor authentication and endpoint detection and response (EDR).
Immediately detect new or missing entities and uncover new relationships between entities to close the gateways to your organization before incidents can occur.
Prioritize remediation efforts according to criticality, exploitability, context, and overall business impact to reduce your attack surface — and the likelihood of an attack — over time.
Proactively reduce your attack surface without draining your resources.
Cyber incidents have a direct impact on insurability, and insurers are just as concerned with existing vulnerabilities and exposures as they are with your data breach history.
Noetic ingests and extracts insights from existing vulnerability management tools, IT asset management tools, inventory systems such as CMDBs, and third-party data including NIST, NVD and CISA so that organizations can pinpoint and close the most accessible pathways to their organization.
Most cyber insurers consider the same 12 controls when reviewing a cyber insurance application.
With Noetic, users can automatically identify and remediate high-risk coverage gaps before they raise a red flag with insurers. This includes
Noetic ingests and correlates data from its connector ecosystem to provide a consistent, accurate view of your security hygiene.
These dashboards enable users to instantly gather detailed information about previous incidents, justify risk tolerance levels, and demonstrate improvements over time. These cohesive insights empower users to validate insurability or negotiate premiums.
Manual risk assessments are time consuming, repetitive, and often prone to errors.
Noetic provides a centralized view into control evidence and automates the evidence collection process, significantly improving the accuracy and availability of these insights.
Cyber insurance is a contractual agreement where an insurer provides financial compensation in the event an insured organization experiences a breach in exchange for a monthly premium.
Cyber liability insurance coverage is no longer a nice-to-have but a critical need for most businesses. However, it’s more important for businesses that handle or store sensitive data such as personally identifiable information (PII), financial data, medical information, etc.
Like many risk assessments, the cyber insurance application process can be a daunting task. You’ll be asked to provide documentation around your information security, data backup, and overall security policies. You’ll also be asked to share information regarding previous cyber incidents and compliance. The more detailed you can be, the faster you’ll get a decision.
While there’s no surefire way to get approved, there are proactive steps an organization can take to strengthen its security and improve its chances. According to Marsh McLennan, a leading professional services firm, there are12 key controls considered during the application review process:
Whether you’ve just learned about it, or well on your way to becoming an early adopter, download our eBook to explore the additional use cases for CAASM.
