Why Your Business Needs Cyber Security Insurance (Plus One Easy Way to Meet the Requirements)

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Cyber security threats are evolving at an alarming pace, ranging from data breaches and ransomware attacks to phishing schemes and malicious software. This is not only a concern for large corporations. At Regroove, we have had several small organizations reach out to us for help after coming under attack and, occasionally, falling victim and losing large sums of money. The potential financial and reputational damage resulting from such incidents underscores the necessity for companies to prioritize cyber security. No organization, regardless of its size, is completely immune to the ever-changing tactics employed by cybercriminals.  

The Role of Cyber Security Insurance

However, there are critical mitigations you can take. Cyber security insurance acts as a safety net, providing financial protection and support to businesses in the aftermath of a cyber incident. Companies that invest in cyber security insurance not only mitigate financial risks but also demonstrate their commitment to safeguarding sensitive information and maintaining customer trust. 

Last year, one of our clients reached out to us because they were going through a cyber security insurance application. Out of that conversation, we developed the Microsoft 365 Assessment service. This assessment is like your Microsoft tenancy’s annual physical – we check the health and security of your Microsoft tenancy with the specific objective of A) protecting your organization’s corporate data and B) enabling you to demonstrate a paper trail commitment to increasing your cyber security protection. 

Sample Questions in a Cyber Security Insurance Application (and how we’ll help you answer them!)

When applying for cyber security insurance, companies can expect a thorough evaluation of their existing cyber security protocols and risk management strategies. Below are just a few questions that insurers might ask to assess an organization’s cyber risk profile, all of which are specifically reviewed and reported on by Regroove’s Microsoft 365 assessment. 

1. What cyber security measures are in place to protect sensitive data? 
   Our assessments capture everything from the strength of your multifactor authentication requirements, to the level of access users have to corporate data, to how devices are managed. The entire assessment is designed to provide a detailed and comprehensive reflection of your organization’s cyber security measures. 

2. How is your organization protecting its sensitive data? 
   We review whether your organization has developed customized sensitivity and retention labels that will protect your organization’s corporate data and adhere to regulatory requirements. We assess things such as your email security policies – can any and all data be sent outside of your organization? Did you want to add restrictions, such as blocking any data with credit card information from leaving your organization? We analyze what your organization already has in place and then work with your team to customize further. 

3. Have you experienced any cyber security incidents in the past and how were they resolved? 
   We look at attempted access records to tell you how many phishing attempts, malware, or malicious login attempts your organization has experienced. We can tell you on what date and from what IP address these attacks came from. We look at how effectively your email is filtering out any spam or malware attempts from your users’ inboxes and make recommendations on how to increase your protection in this area. 

4. What improvements have been made to prevent a recurrence of previous incidents? 
   By Regroove conducting a quarterly Microsoft 365 Assessment for your organization and providing you with detailed recommendations for your team to implement, you have a paper trail demonstrating an ongoing effort to fortify your organization’s cloud-based data and cyber security through Microsoft 365. 

It’s a cliché, but it’s true: don’t wait until it’s too late! Cyber security insurance is not just a financial safeguard, it’s a strategic investment in the resilience and longevity of your business. In addition to strengthening your corporate cloud security, by allowing an expert like Regroove to thoroughly assess your Microsoft 365 environment you are positioning yourself for a smoother process for your cyber security insurance application.