Broker Check

To Buy Cyber Insurance, You Need Good Security Practices

February 07, 2022
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With cyber losses mounting, insurers are increasing premiums (130% in 4th quarter 2021) and imposing stricter underwriting. Here is one surplus lines broker's list of recommended security practices:

  • Required virtual private network.
  • Multi-factor authentication for remote and cloud based access.
  • Regular cyber security training  (at least annual, preferably more often) for all staff.
  • Implement critical patches (recommended within two months, preferably ASAP).
  • Scan incoming emails for malicious attachments or links (and have a reporting system).
  • Protect all devices against virus and malware.
  • Regular backup of critical data.

Not on the list - but it should be - require everyone to use strong passwords not easily detected.