Priya PatelBusinesses are increasingly recognising the importance of cyber-insurance in protecting against the financial consequences of data breaches and other cyber-security incidents. However, as the threat landscape evolves, so does the landscape of cyber-insurance, with insurers raising the bar on their security requirements. Organisations can improve their risk profile by focusing on cyber-resilience within the framework of operational resilience. This involves effectively managing disruptions, such as cyber-attacks, through business continuity, disaster recovery, and cyber-security. Businesses can then transfer the remaining risk to an insurer, minimising financial losses.
In order to secure and maintain insurance coverage, organisations can benefit from partnering with a Managed Service Provider (MSP) specialising in cyber-security, backup, recovery, and IT security services. MSPs have the expertise to assess vulnerabilities, implement security measures, ensure compliance with industry standards and regulations, and facilitate employee training. They can also provide proactive monitoring, data backup and recovery capabilities, incident response planning, security updates and patch management, and assistance with documentation.
Having robust backup and recovery procedures in place not only enhances an organisation’s overall cyber-security posture but also improves its eligibility for cyber-insurance coverage and its ability to recover from cyber-incidents effectively. The evolution of the cyber-insurance landscape means that a proactive and comprehensive approach to operational resilience is essential in today’s interconnected world.
