Understanding the Changing Cyber Liability Insurance Landscape

March 25, 2022

In 2022 and beyond, cybercrime is a growing and ever-evolving threat to your businesses. Large and small organizations alike need to prepare their systems to face this reality. In addition to securing your network and endpoints, having cyber liability insurance coverage is a must to conduct business against the background of the 100 billion dollar cybercriminal landscape.

What is cyber liability insurance?

For those of you who have not enrolled in a cyber liability insurance policy, it is an insurance plan that provides businesses with a combination of coverage options to help protect the company from data breaches and other cybersecurity issues such as ransomware, network hack, and more. It’s not a question of if your organization will suffer a breach, but when.

Understanding the changing cyber liability insurance landscape

Insurance carriers have significantly increased the underwriting requirements of coverage this year beyond what has been previously in place. Though requirements vary somewhat depending on the carrier, we know that they are all beyond what’s currently required under various statewide regulations. New policy AND existing policy renewals for cyber liability coverage will be impacted and meeting these requirements will likely include changes in process and the addition of new technology tools and management.

Additional areas of interest this year include:

Multi-Factor Authentication on Remote Connections such as VPN
Multi-Factor Authentication on all administrative accounts
Endpoint Detection & Response solutions for the organization
Full Device Encryption, and more.

These requirements use a mix of new software AND hardware tools to accomplish and are beyond many of the protections in place today. They also will potentially change how users work when outside of the office.

How your business can meet the changing cyber insurance requirements

As your organization approaches your cyber liability renewal period or is looking to increase your current plan coverage, please reach out to KiteTech and your Client Experience Manager. Our team can help navigate the current protections in place and work to deploy required tools to comply with this year’s changing checklists.

If you’re not currently working with KiteTech and would like to learn how we can help, please send us a message at engage@kitetechgroup.com or visit our website to complete our contact form. We welcome the opportunity to meet with you and discuss your business technology and security needs. For additional information and valuable security resources you can download, please visit our cyber liability landing page.