Insurance providers often expect policyholders to implement and maintain reasonable cybersecurity practices. This may include measures like firewalls, intrusion detection systems, antivirus software, encryption, and regular software patching. Let’s look at some of these requirements:
Incident Response Plan: A well-defined incident response plan is a crucial requirement. It should outline how the company will respond to a cyber incident, including who to contact, how to contain the breach, and how to recover from it.
Security Awareness Training: Employee training on cybersecurity best practices is essential. Companies should provide ongoing security awareness training to help prevent human errors that can lead to breaches.
Regular Security Audits and Assessments: Some insurers may require businesses to conduct regular security audits, vulnerability assessments, and penetration testing to identify and address potential weaknesses.
Data Protection Compliance: Compliance with data protection regulations such as GDPR or HIPAA may be a requirement, depending on the nature of the data the company handles.
Risk Management Procedures: Companies may need to demonstrate that they have risk management procedures in place to identify and mitigate potential cyber risks.
Compliance with Regulations: Companies must comply with relevant cyber security regulations. This could include standards like the Network Infrastructure (NERC) Critical Infrastructure Protection (CIP) regulations.
Meeting these requirements not only helps in obtaining cyber insurance coverage but also strengthens the organization’s overall cyber security posture.
Learn more about how EDSI can assist in achieving your security and compliance goals, contact us at 866.302.EDSI (3374).