These days, it's more likely a business will suffer a cyber event than not, and these attacks can be equally devastating for small and large enterprises alike. While cyber liability insurance can help policyholders recover from the costs associated with a online breach or attack, this type of coverage is no substitute for strong cybersecurity procedures, particularly in this era of social engineering schemes and state-based cyberattacks. Considering the average data breach cost $4.45 million in 2023, according to IMB, and that many breaches can take weeks to detect and even longer to recover from, cyber insurers now review the online defenses of prospects and current policyholders. "Sometimes a single click is all it takes," tenfold Content Manager Joe Köller wrote in a recent educational article about the benefits and intricacies of cyber liability coverage. "To keep risks at an acceptable level, policyholders are required to meet basic IT security standards in order to qualify for cyber insurance." The slideshow above illustrates nine minimum digital security steps an insured should take in order to qualify for cyber insurance, according to the technology company tenfold. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
