Can I Get Cyber Insurance? 5 Ways to Safeguard Your Business

As the pandemic and remote work era have brought about a surge in data breaches and cyber attacks, businesses are looking for ways to reduce their cyber liability risks. At LANKEY I.T., we’ve helped countless businesses fortify their cybersecurity. We’ve seen time and again that cybersecurity insurance is a useful tool to have in your arsenal. Can you get this insurance for your Fort Wayne business? Below, we’ll explore five cyber insurance requirements that are generally needed to ensure comprehensive coverage.

1. Safeguard Data Through Encryption

Encrypting sensitive data is a critical requirement for cyber insurance coverage. Encryption converts data into an unreadable format, making sure that even if it is intercepted or accessed without authorization, it’s incomprehensible and useless. By encrypting sensitive data at rest and in transit, you significantly reduce the risk of data breaches.

2. Strengthen Security With Multi-Factor Authentication

Multi-factor authentication adds an extra layer of security to your digital assets. By requiring multiple forms of verification (a password, unique code sent to a mobile device, etc.), then you significantly reduce the risk of unauthorized access. This is especially useful in the current climate, where remote work has increased, and users are accessing the cloud from many different locations.

3. Establish Robust Access Controls

Securing your organization's digital assets starts with strong access controls. By implementing robust authentication protocols and role-based access controls, you restrict access to sensitive systems and data to authorized personnel. This requirement helps lessen the risk of unauthorized access and data breaches.

4. Conduct Regular Vulnerability Assessments

Do you want to find potential weak points in your IT infrastructure? Then, it's helpful to do regular vulnerability assessments to identify and address any issues. By conducting periodic assessments, you can proactively detect vulnerabilities and take necessary steps to take care of them. This proactive approach demonstrates to insurance providers that you're committed to maintaining a secure environment.

5. Create an Effective Incident Response Plan

An incident response plan is a crucial component of any cybersecurity strategy. Simply put, it outlines your organization's step-by-step actions during a cyber incident. Having an incident response plan in place demonstrates your readiness to handle and respond to the impact of potential cyber-attacks. It’s recommended that the plan include a comprehensive analysis of the whole incident and determine why it happened in the first place.

It may be time to find the right cyber insurance to fortify your Fort Wayne business against the financial liability risks of data breaches and cyber-attacks. The professionals at LANKEY I.T. can help you implement the insurance requirements and ensure your Fort Wayne business is well-prepared to face emerging cyber threats. Contact us at (260) 800-3850 or request a consultation online today. We’ll help you to strengthen your cybersecurity posture so you can easily find cyber insurance coverage for your growing business.

Brown, Schuyler. "7 Cyber Insurance Requirements (And How to Meet Them)." Web blog post. strongdm. 24, Aug. 2023. 24, Dec. 2023