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Trouble getting Cyber Insurance? Here’s how to stop getting rejected

Securing cyber insurance can feel like navigating a maze, especially if you’ve faced rejection. Insurers are tightening their requirements as cyber threats grow more complex. Cyber insurance is becoming increasingly important to companies of all sizes. The costs to cleanse systems after a cyber incident can be extremely high, with over 60% of SME businesses closing within 6 months of a ransomware attack. Rather than increase their cyber defenses, companies have often sought cyber insurance to transfer this financial risk to a third party. However, cyber insurance providers are increasingly requiring companies to meet minimum standards of security to become insurance worthy. But don’t worry—we’re here to help you understand what you need to do to get approved and protect your business.


Why Cyber Insurance is crucial


Cyber insurance is essential for covering the costs associated with data breaches, ransomware attacks, and other cyber incidents. It provides financial protection and peace of mind, helping your business recover more quickly from cyberattacks. However, getting approved for a policy isn’t always straightforward.


Common reasons for rejection


Inadequate security measures: Insurers want to see that you have robust cybersecurity practices in place. If your defences are lacking, they’re less likely to take on the risk.


Lack of regular updates: Outdated software and systems are more vulnerable to attacks. Insurers check if you regularly update and patch your systems.


Poor incident response plan: Without a solid plan for responding to cyber incidents, insurers may see your business as a higher risk.


No employee training: Employees are often the weakest link in cybersecurity. If you don’t have ongoing training programs, insurers may be wary of issuing a policy.


Insufficient documentation: Insurers need detailed documentation of your security policies, procedures, and incident history. Incomplete or inadequate documentation can lead to rejection.


Improve your chances of approval with Delta 365


Improving your cybersecurity posture is key to getting approved for cyber insurance. Here’s how Delta 365 can help you meet and exceed insurer requirements:


Strengthen your cybersecurity: Implement advanced security measures such as firewalls, intrusion detection systems, and endpoint protection. Regularly update your software and systems to fix vulnerabilities. At Delta 365, we provide comprehensive security solutions tailored to your business needs including Cyber Security Essentials and CE Plus which many insurers will look for.

   

Develop a comprehensive incident response plan: Create a detailed plan that outlines how you’ll respond to various cyber incidents, including steps for detection, containment, eradication, recovery, and communication. Our experts will help you develop and test a robust incident response plan, ensuring you’re prepared for any cyber incident.


Train your employees: To fortify your cybersecurity defences, Delta 365 emphasises regular training sessions to educate your staff on identifying and mitigating cyber threats effectively. Central to this effort is Sophos Phish Threat, an advanced phishing simulation tool that mirrors real-world attacks to pinpoint vulnerabilities. By integrating Sophos Phish Threat into your cybersecurity strategy, your team gains essential skills in detecting and responding to phishing attempts, significantly reducing the risk of data breaches. This proactive approach not only enhances awareness but also bolsters overall cybersecurity posture, empowering your organization to pre-emptively address weaknesses and stop cybercriminals with confidence. We offer ongoing support to keep your team informed and vigilant against cyber threats.


Document everything: Keep thorough records of your cybersecurity policies, procedures, and past incidents. Detailed documentation shows insurers that you’re serious about protecting your business. We’ll assist you in creating detailed documentation that satisfies insurer requirements, improving your chances of approval.


Partner with cybersecurity experts: Working with a trusted cybersecurity provider like Delta 365 can significantly enhance your security posture. Our team can help you implement best practices, develop incident response plans, and ensure your documentation is up to par. Managed Detection and Response (MDR) services can also help reduce your insurance premium by proactively detecting and mitigating threats.


Get Cyber Insurance with confidence


Don’t let the fear of rejection stop you from securing cyber insurance. With the right measures in place, you can protect your business and gain the coverage you need. Contact Delta 365 today to learn how we can help you strengthen your cybersecurity and improve your chances of getting approved.

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