Cybersecurity Insurance

Strengthening Cybersecurity Measures and Exploring Cybersecurity Insurance for Enhanced Protection

Cybersecurity insurance helps businesses mitigate the risk of cyber attacks and data breaches. It is widely available across North America, and is a recommended part of any business continuity plan.

In 2022, we had an organization reach out to us with a support request we had not received before. They were purchasing cyber security insurance and they wanted our help with reporting on their security efforts and systems in their Microsoft 365 tenancy. We quickly realized this was a wider need across our client base and developed a quarterly Microsoft 365 Assessment service. The objective of this assessment is to conduct a comprehensive and regular “check up” of each client’s environment and diagnose any potential issues we observe. Just like a doctor, we can’t make an organization take their medicine, but we can issue strong recommendations that prescribe the best practice methods to further improve corporate cloud security.

Since launching this service, we have helped several organizations effectively review and fortify their Microsoft 365 tenancy. We recently performed an analysis of the tenancies we have assessed, then aggregated data on three common weaknesses we observed in each tenancy.

If you aren’t sure whether your organization’s tenancy has these same vulnerabilities or how this could impact your own cyber security insurance application, reach out to our team for support!

1. Retention Policies and Labels

Issue: In the last five Microsoft 365 Assessments Regroove conducted, we noted the organizations did not have retention labels in place. The absence of retention policies and labels poses a risk to data management, leaving the organizations susceptible to non-compliance and inefficiencies. We always recommend organizations assess their retention requirements, according to industry and legal regulations.

For those organizations seeking cyber security insurance, the benefits are:

  • Compliance Assurance: Implementation of retention policies provides a robust framework for adhering to regulatory requirements, thereby reducing legal risks associated with data mishandling.
  • Efficient Data Management: Retention labels contribute to a systematic and organized approach to data management, reducing clutter and optimizing overall data organization.

2. Sensitivity Labels

Issue: Similarly, the last five organizations Regroove ran Microsoft 365 Assessments for did not have any sensitivity labels in place. The absence of sensitivity labels may expose these organizations to potential data breaches and unauthorized access. We always recommend organizations evaluate their sensitivity and sharing requirements by implementing sensitivity labels and associated policies to ensure comprehensive data protection and secure sharing practices.

The benefits for your cyber security insurance application are:

  • Demonstration of Data Protection: Sensitivity labels serve as a protective layer, preventing unauthorized access and ensuring only authorized personnel interact with sensitive information.
  • Comprehensive Security: By incorporating sensitivity labels, the organization fortifies its overall cybersecurity posture, showcasing a commitment to safeguarding sensitive data.

3. Implementing Data Loss Prevention (DLP) Policies

Issue: We also noted that none of the organizations were utilizing data loss prevention policies. Similar to sensitivity labels, the lack of DLP policies poses a risk of unmonitored and unprotected sensitive information within the organization. We recommended each organization review their licensing and consider implementing Microsoft Data Loss Prevention policies, which automate protection measures, minimizing the risk of data leaks or breaches.

On their cyber security insurance applications, these organizations will be able to demonstrate:

  • Utilizing Automated Protection: DLP policies offer automated protection, proactively monitoring and restricting the movement of sensitive information to minimize the risk of data breaches.
  • Enhanced Visibility: Implementation of DLP policies provides greater visibility into data flow, aiding in the identification of potential vulnerabilities and areas for improvement.

Conclusion: Addressing the identified cybersecurity issues and exploring cybersecurity insurance are integral steps in fortifying your organization’s resilience against potential threats.

Regroove’s Microsoft 365 Assessments are intended to flag potential vulnerabilities, such as the ones above, and to provide recommendations on the best steps to mitigate the associated risks. If you aren’t confident in the health and security of your own Microsoft 365 tenancy, or if you would also like assistance in your cyber security insurance applications, please reach out to our team of experts using the form below.