Cyber Liability Insurance Is Becoming a Must-Have for Small to Medium SizeBusinesses.
Many organizations are now tightening up their security posture not just for risk mitigation -- but simply to be insurable.
Recent industry reports show that to qualify for cyber liability insurance, companies must now meet a robust set of controls. For example:
- Having strong endpoint detection & response (EDR) across devices.
- Enforcing multi-factor authentication (MFA) on remote access, privileged accounts and sensitive systems.
- Maintaining a documented and tested incident-response plan, backup strategy and vulnerability management program.
- Demonstrating regular employee training, access controls log monitoring and strong patch-management.
From our vantage at Hudson Technology, here are three insights worth highlighting:
- Insurers are underwriting on controls, not just losses. The conversation used to be “What have you lost?” The conversation now is “Show me what you’ve done.”
- Security becomes strategic for business continuity and pricing. Doing the bare minimum may no longer suffice; the quality of controls influences both eligibility and premium cost.
- For organizations that get ahead of the curve, this shift can become a differentiator: “We’re fully insured, AND we’ve got the control architecture to back it up.”
If you think it’s time to step up your cyber security game and strengthen your insurance posture, contact Hudson Technology
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