The rate of Cyber Insurance Claims is skyrocketing on a global level. So is the rate of claim denials. Cyber insurance providers are denying claims for businesses that are not in compliance with their coverage requirements. Insurance providers simply won’t pay if you can’t prove you are taking measures to protect your data properly. Having a basic data Back Up and Disaster Recovery (BUDR) plan in place is essential to getting your claims approved.
Don’t find out the hard way!
Cyber Security Insurance is not cheap so it is critical to make sure you can actually use it when you need it. Now is the time to review your current BUDR strategy and compare it to your cyber insurance policy requirements. Here are some of the recent requirements we have helped customers uncover:
- Multi-factor authentication (MFA) is now required for all email, servers, remote access, and third-party data services.
- Backups are now required for data, documents, emails, faxes, etc.
- Insurance companies want to know you can be back up and running in 10 days or less.
- Prices and coverage are both increasing.
You should work with an independent technology consultant who can assist you in getting the appropriate diagnostics. If necessary, your consultant can connect you with cyber security providers who will ensure your critical data is protected and you remain compliant.
