Cybersecurity Insurance

Cybersecurity Insurance

Buying and selling cybersecurity insurance is a growing business for many companies across the globe. If an organization doesn’t have mature cybersecurity solutions in place and is unprepared to deal with data breaches or an interruption of service, they are likely to seek a way to protect themselves. Cybersecurity insurance shouldn’t stop an organization from actively updating their security in-house; they should always work to better prepare their network against possible threats.

Even though there are many cybersecurity standards which organizations must adhere to, being compliant doesn’t mean a network is safe from breaches. This is due to the constant evolution of attacks and the growing number of vulnerabilities which are often discovered in systems. These vulnerabilities are only patched after being discovered.

Threatcare offers solutions for cybersecurity insurance companies to run threat simulations on potential client systems — to verify if they’re protected or not. The Threatcare Suite is used by organizations across every industry to offer everything from DNS Tunneling, Egress Scans and Lateral Scans, to Data Exfiltration (Credit Card Numbers, Social Security Numbers) and Malware Beaconing.

The Threatcare Suite can aid an organization in many ways through automated Policy creation. Cybersecurity Insurance organizations have a list of prerequisite policies for coverage and additional requirements to lower premiums.

Cybersecurity insurance is a standalone type of insurance, generally not included with general liability and property insurance for commercial entities. Without Threatcare it is difficult, if not impossible, for many organizations to be properly vetted by cybersecurity insurance providers.

As written on DHS.gov, “Traditional commercial general liability and property insurance policies typically exclude cyber risks from their terms, leading to the emergence of cybersecurity insurance as a “stand-alone” line of coverage. That coverage provides protection against a wide range of cyber incident losses that businesses may suffer directly or cause to others, including costs arising from data destruction and/or theft, extortion demands, hacking, denial of service attacks, crisis management activity related to data breaches, and legal claims for defamation, fraud, and privacy violations. Few cybersecurity insurance policies, however, provide businesses with coverage for an area of growing private and public concern: the physical damage and bodily harm that could result from a successful cyber attack against critical infrastructure.”