Cyber insurance policies have become challenging to obtain, difficult to maintain and costly to keep, says Arctic Wolf.
have been hard on cybersecurity professionals. An onslaught of new attack innovations and evolutions has raised an attack’s risk — and the costs. More organisations than ever are attempting to transfer a portion of that risk through cyber insurance.
One solution that can help an organisation swiftly stop an attack and restore business operations is incident response , which can also help them secure a high-quality cyber insurance policy.IR is a set of processes and tools used to identify, contain and remediate cyberattacks and to restore the organisation to pre-incident operations.
The primary focus of these right-sizing efforts revolved around creating new requirements that organisations must meet to obtain or maintain a policy. Cyber insurance policies have now caught up to the scrutiny and evaluation standards found in home, car, business and life insurance policies, and experts expect they will soon eclipse them as the cyber landscape continues to grow over the coming years.Cyber insurers now tend to place organisations into “risk buckets”.
IR is another solution that can tip an organisation into that elite bucket. In evaluating an organisation’s risk profile, insurers take a lot of solace in knowing that the business has fast access to a team of response and remediation experts who can help with everything from backup restoration to digital forensics to threat actor negotiations if needed.
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