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Many cyber insurance agencies are requiring companies to acquire and implement minimum IT security standards to approve and renew cyber insurance applications and policy claims. This is due to the increasing data of successful cyber breaches such as malware, and ransomware attacks.

Before we learn about the basic IT security standards, we should understand why a company needs to secure cyber insurance.

Here are some benefits that a company gets when investing in cyber insurance, regardless of its size or organization. Your cyber insurance policy may help you with the following:

  • Determines the cause and scope of a breach
  • Covers the expenses related to investigations and legal obligations
  • Covers the expenses related to overall breach costs
  • Manages the business and income losses caused by a disruption
  • Manages cyber extortion claims and related losses

Companies applying for Insurance will have to go through a cyber insurance risk assessment. This process will determine the premium coverage and limits and also the company’s eligibility for cyber insurance.

Part of its assessment for approval is to determine whether the company is following the basic IT security standards. Minimum safety measures should include:

  • Updated Antivirus software must be installed on all PCs
  • The network must be firewall-protected
  • Business data is backed up regularly
  • Implementing a secure process for the User access rights and permissions
  • Employees have undergone training for basic security measures and protocols

Apart from following safety protocols to protect your organization from cyber breaches and phishing attempts, it is also significant and beneficial if you manage to secure Cybersecurity Liability Insurance, to help you cover the financial damage caused by these unforeseen attacks and other circumstances.

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