SecurityTechnologyDo You Have The Appropriate Security Measures In Place To Obtain A Policy? | Fuse Technology Group | Detroit & Michigan

April 18, 2022
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Cyber Insurance – Do you have the appropriate security measures in place to obtain a policy?

With the increase in cyber-attacks and insurance claims by small businesses, carriers are requiring more guidelines than ever before to be met in order to obtain a cyber insurance policy. To many non-technical people reading over the application for Cyber Insurance, they read like a foreign language and can be intimating. No worries, Fuse is here to help!
Over the last two years, cyber-attacks have hit the mainstream, which is an unfortunate event for all of us. No longer is it just the huge corporations that are targeted, it’s everyone! Cybercrime doesn’t discriminate between a one-man shop and a 300+ employee manufacturing firm. Only a few years ago helping a client fill out applications for their cyber policies was a relatively simple task and requirements were pretty basic for coverage. All of that has changed in the last two years and it’s simple to see why. Once cybercrime hit the mainstream and caused catastrophic damage to businesses everywhere, insurance companies started having to make good on their policies’ promises thus causing them to make huge payouts to their clients holding cyber insurance.

It can seem beyond overwhelming when looking at these applications.”

We all know insurance companies love to take our money but hate to give it in our time of need. In the not-so-distant past, it was extremely rare for them to have to pay out on a cyber policy; now it’s another day at their office. The carriers had to figure out a way to stop their bleeding and their solution was to make certain that organizations holding these policies have extremely tight security in place. The policy applications went through a rapid evolution in a blink of an eye. Prior to 2020, the application was a breeze with a few checkboxes and quick descriptions; however, since 2020, it quickly transformed to read more like a network security test as we IT pros had in college. It can seem beyond overwhelming when looking at these applications. Fuse is here to fill in the gaps and make the process more palatable for our client base.
When it comes to a cyber insurance policy, the carriers don’t want just security measures covered, they want to know that you have a backup plan as well (double entendre intended).  Fuse implements a wide variety of secure backup solutions which cover everything from your local file server backup, and remote backups, to cloud-to-cloud backup for your Office 365.

We will help you fill out the application and, in the case that you are missing security precautions that should be in place, Fuse will swiftly implement the needed solution.

As a Managed Service Provider in the Detroit Metro area since 2006, we have seen applications for cyber insurance from a variety of carriers servicing a wide range of industries. As much as it pains us to agree with insurance carriers, all the measures they are requiring are legitimate and every business should have them in place in the current IT landscape we experience today.

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Below are some of our specializations as they pertain to network/cyber security. In most instances, they are required by the carriers or dictate the amount of coverage they will give you or the size of your premium/deductible.

  • Endpoint Protection (EPP) 
  • Endpoint Protection & Response (EDR)
  • MFA (Multi-Factor Authentication)/ Dual Factor
  • IDS/IPS (Intrusion Detection Systems/Intrusion Prevention Systems)
  • SIEM (Security Information & Event Management) 
  • Offline/Online Encrypted Backup Solutions
  • Patch Management
  • Backup Integrity Verification
  • Incident Response Planning 
  • Business Continuity Planning
  • Disaster Recovery Planning
  • Security Awareness Training
  • 24/7 Real-Time Monitoring & Alerting
  • Compliance (HIPPA, NIST, PCI & More) 
  • Email Security/Anti-Threat Detection
  • Firewall Security, Log Monitoring
  • Encryption Assessments/Remediation
  • Anti-Virus/Anti-Malware
  • Local Network Security Requirements- Account Lockouts, Password Complexity, etc. 
  • Security Logging 

There is no question that every organization that utilizes technology, no matter the industry, should have a cyber insurance policy. The question becomes, does your organization have the appropriate security measures in place to obtain a policy?  For further information on our cyber-security services reach out to your Fuser today, or head on over to our site.

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248-545-0800

Located in Ferndale, Fuse Technology Group is the premier provider of Business IT Services. Providing business computer support to hundreds of clients in Detroit, Troy, Southfield, Royal Oak, Birmingham and throughout the state of Michigan.

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      248-545-0800

      Located in Ferndale, Fuse Technology Group is the premier provider of Business IT Services. Providing business computer support to hundreds of clients in Detroit, Troy, Southfield, Royal Oak, Birmingham and throughout the state of Michigan.

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