Wie können sich Versicherungen auf Cyberangriffe vorbereiten?

Interestingly, the financial services sector is and has been a top target for cyber criminals over the last 7 years. Really, as a data aggregator insurance companies, which I file under the financial services industry class, have always been a top target not because of who they are but more because of what they do. There is a need for a different approach of readiness based on the actual event they are threatened by. Since Cyber Insurance is comprehensive you really need to rank the perils they face. Each day any business has a 38% probability of a Cyber event. I would advocate MFA in all key areas, strong back ups including tapes, an incident response plan and consistent ongoing employee awareness training l.

In many ways, insurers are similar to any other business. However, insurers face unique cyber risks due to the sensitive policyholder data they possess. As such, insurers are often prime targets for hackers. Carriers must also comply with unique data privacy regulations (often found in the financial regulations). These nuances must be considered and analyzed when insurers set out to quantify its cyber risk.

In this digital age, I believe the initial step should be assessing the exposure levels across various processes, as every stage inherently carries risks, from KYC and application to quoting, underwriting, and claims. Our primary action should involve evaluating the latest technology and adapting or adjusting our systems accordingly. This proactive approach ensures that we stay aligned with the evolving tech landscape

I always counsel that clients do the following: -Find trusted partners in Cyber Security, Legal and Insurance; allow them to help you identify your risk level and your risk tolerance; then work with them to place solutions that meet those needs. -Do not let perfection be the enemy of good; get started with items that are within reach and within budget, continue to refine as your business grows and changes. -Security by obscurity is not a legitimate approach, all businesses to be proactively addressing this issue -Learn to ask good questions; this is a highly dynamic environment and answers will change often. -Don't overlook things that seem basic, e.g. inventory your IOT Assets, Lock your Server Room door unless its being accessed, etc.

To fortify their cyber defenses, insurance companies should conduct a comprehensive risk assessment, implement robust security measures, and continuously monitor for threats. This includes identifying vulnerabilities, classifying assets based on criticality, and promptly remediating identified weaknesses. Regular training, collaboration with experts, and adherence to regulatory standards are also crucial.

Insurers can implement best cyber security practices by enhancing the company's access controls and to implement a zero trust security model. A zero trust security model assumes that no user or device can be trusted by default, and that all access to systems and data must be verified and authorized. This can be done by implementing a number of security measures, including: *Multi-factor authentication (MFA) *Microsegmentation *Principle of least privilege access

When implementing cybersecurity best practices, I firmly believe it's essential to establish a dedicated team responsible for conducting thorough ethical hacking tests while also staying vigilant about the latest trends in the market. This proactive approach not only helps identify vulnerabilities but also ensures preparedness for emerging risks in the ever-evolving landscape of cybersecurity.

Best practices and compliance are a seemingly endless conversation with pragmatism often getting lost. A few of guiding lights here: -Don't confuse activity with achievement, all the tools and data in the world will not protect you if you cant make sense of that data and tune your approach to what that data is telling you. -Get familiar with compliance issues that are a must for you whether that be within your industry vertical, your geography, your company size or any combination. -Seek partners that know this is a dynamic feedback loop and whose approach reflects that; set it and forget it is not in play. -Seek to be efficient with your spend by investing in critical items first e.g. MFA, Segregated backups, VPN's, Regular Backups, Etc.

Insurance companies can fortify their cybersecurity by conducting regular risk assessments, providing comprehensive employee training, developing an incident response plan, implementing data encryption, ensuring regular updates and patch management, employing robust network security measures, enforcing multi-factor authentication, conducting vendor security assessments, undergoing regular security audits, collaborating with cybersecurity experts, maintaining secure data backups, and complying with relevant regulations and standards.

I always recommend focusing on the practical over the technical unless you are a larger organization with sophisticated in house IT. Have a written plan, test it, involve the key people, know who your resources are if that time of need ever arises. Also, while it may sound a little counterintuitive any resource or contact you may need should a cyber event arise, have a paper copy accessible; if you are unable to access your network because of ransomware not having a paper copy can cause time delays when time is most critical. Lastly, have redundancies wherever possible; make sure they are current and viable.

Insurance companies can strengthen their cybersecurity posture by implementing a comprehensive strategy that encompasses risk assessment, incident response planning, employee training, continuous monitoring, data backup and recovery, and ongoing improvement.

Cyber Liability risk is at an all time high, average ransomware payouts is nearing $1M, downtime is in excess of 3 weeks. Social Engineering attacks are constant for enterprises of all size and becoming more elegant daily. Find a trusted insurance broker who has pronounced expertise in this area that help you truly understand your Cyber Risk Profile and what within that can be protected by a Cyber Liability policy. You should also find a trusted Cyber Security Professional to help you increase your cyber security posture and be a resource on the technical portions of the Cyber Liability Insurance Application. This is the most important coverage for some businesses and easily top 5 for every operational entity out there.

Insurance companies can protect themselves from cyber threats by acquiring cyber insurance coverage, conducting thorough risk assessments, understanding coverage options, engaging cybersecurity experts, implementing robust security measures, and maintaining compliance with regulations.

Communication and messaging alone can be pulled from hundreds of companies that have been through this before, applying different facts to different audiences. Find your style of communication and make sure you have templates (with blanks for case by case details) created for your incident response plan or separate crisis communication plan. For an added gold star, you could also have counsel review it so that your organization has already vetted it once before game time.

Cyber risk management is more than just monitoring/developing your own security strategy but you should evaluate your 3rd party vendors as well. As evidenced by several recent events, these vendors can be your most vulnerable link. You may be able to get a better idea about your risk via these vendors through your insurance company as some provide security platforms, e.g.: Coalition Control.

Making sure your computer systems are safe from cyber attacks is really important. To do this, you need to check for risks, keep track of all your digital stuff, and use strong security measures like firewalls and antivirus tools. It's also crucial to train your team about staying safe online and have a plan for if something goes wrong. Regular checks and following the rules about how data should be handled help keep everything secure.

Before implementing cybersecurity best practices, it's crucial to delve into the local ordinances and regulations pertaining to cybersecurity. Different regions and countries may have their own specific rules and restrictions. For instance, some regulations might limit or even prohibit the use of Virtual Private Networks (VPNs) and other cybersecurity tools. Understanding and complying with these local rules is paramount to ensure that your cybersecurity measures are both effective and legally sound. It's a vital step to avoid potential legal issues and ensure the security of your digital assets in a manner that aligns with the local legal framework.