Barracuda offers a broad portfolio of cybersecurity solutions and services to help you protect against cyber risks and potential losses.
The evolving threat landscape.
As the cyberthreat landscape continues to evolve and become more sophisticated, some businesses are looking at cyber liability insurance as part of their risk mitigation strategy. Cyber liability insurance policies can help recover some of the costs of an attack, such as ransomware, which can damage or interrupt normal business operations.
However, cyber liability insurance will not cover all losses incurred — such as brand damage, time consumed in recovery, etc. Therefore, you still need a resilient and modern security solution to protect your business from multiple attack vectors.
How cyber insurance may help with risk mitigation.
Cyber liability insurance is typically designed to help organizations hedge against losses due to noncriminal incidents such as staff mistakes, mishandling of records, and improper information disclosure, as well as cybercrime such as malware, hacking, phishing, denial-of-service (DoS) attacks, business email compromise, extortion/ransomware, and banking fraud. Cyber liability insurance may also provide protections for data restoration, intellectual property loss, regulatory defense expenses, fines, and penalties. However, the final legal responsibility for protecting data regarding personal identifiable information (PII) ultimately falls on the organization.
Meeting the requirements of a cyber insurance policy.
Now more than ever, insurance carriers scrutinize cyber insurance policy applicants before adding them to their portfolios. In addition, some carriers are reducing coverage, increasing premiums, introducing new exclusions, and increasing deductibles to deal with increases in claims.
Insurance carriers require responses to applicant (and renewal) questionnaires to provide a point-in-time snapshot of an organization’s security posture by reviewing their prerequisite security controls and countermeasures to ensure they are a good bet or to identify their risk premium. But unfortunately, many companies are finding that their existing security solutions aren’t meeting the minimum requirements for cyber insurance to be underwritten or renewed.
Many cyber liability insurance carriers’ questions relate specifically to company policies and procedures to ensure a mature security program is in place, while others want to know about specific technical capabilities and limitations associated with the applicant’s security technologies.
How Barracuda can help.
You can leverage Barracuda products and services to help ensure you have the right cybersecurity solutions to secure your business. We encourage you to reach out to us to discuss any of your cybersecurity needs.
The cyber insurance requirements guide.
We have created a list of typical security requirements and attestations you may see on the questionnaire and how Barracuda’s products and services help meet those requirements. We encourage you to look at this list and reach out to us to discuss any of your cybersecurity needs.
