Did you know the average cost of a ransomware payment is $570k? Organizations of all sizes are concerned about cyber risk, with both cyberattacks – and costs – on the rise. Global cyberattacks on businesses increased 50% in 2021.

Acrisure Cyber Services will be presenting at InsureTech Connect 2022. Follow Acrisure for insights or email CyberServices@acrisure.com.

Here are a few considerations on how you can build cyber resilience for your organization. 

What You Need for Cyber Insurance Coverage

Cyber insurance carriers are overwhelmed with submissions, renewals and claim activity. Last minute submissions can often increase your costs and lead to unfavorable terms in contracts. The key to securing great coverage is to take action before an event happens.

How Cybersecurity Helps

Alongside taking early action on cyber insurance, you also need to prove what cybersecurity protections and controls your business has in place.

“The market is taking a closer look at how businesses are detecting and preventing cyberattacks,” said Adam Abresch, Executive Vice President of Acrisure Cyber Services. “This includes everything from MFA to advanced email security, data encryption, security awareness and training, secured back-ups that are tested regularly, endpoint detection and response, vulnerability management, security and information event management.”

Acrisure Cyber Services can help by providing comprehensive layers of protection and mitigation to meet and exceed compliance and insurance requirements.

“We pair preventative measures that safeguard against attacks with cyber insurance that covers the back end when any losses may occur,” said Abresch. “This true front- and back-end protection helps make organizations more resilient to cyberattacks.”

Interested in learning more about how Acrisure Cyber Services can help you and your business? Find us at InsureTech Connect 2022 or email CyberServices@acrisure.com.

Important Information:

For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.

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American Public Entity Programs, LLC are public sector insurance professionals specializing in the underwriting, risk management, and marketing for public entity risks. We are a strategic trading partner of Acrisure and have been designated as a double Acrisure Circle of Excellence wholesale broker. For more information, visit https://americanpublicentity.com/

Source: https://www.acrisure.com/news-and-insights/cybersecurity-perspectives-insuretech