Page 93 - Cyber Defense eMagazine January 2024

data protection. However, the two are now merging as cyber insurers have started incorporating data-
driven risk assessments and requirements into their policies. This has led to a closer alignment between
cybersecurity teams and insurance buyers, resulting in improved cyber resilience. Organizations that
invest in cybersecurity not only protect themselves but also receive better rates and terms upon policy
renewal. Insurers are also offering more sophisticated services and partnerships to help policyholders
achieve compliance and best practices. Despite challenges in obtaining and renewing policies, the
convergence of cybersecurity and cyber insurance offers a win-win situation for organizations and their
security staff.

Cyber insurance should not be viewed as the first line of defense but instead as a component of a broader
risk management strategy that includes identifying, defending, and residue risk transfer. The first step
should be to access the current state of security of your organization. For instance, The Federal Financial
Institutions Examination Council (FFIEC) developed the Cybersecurity Assessment Tool (CAT) to help
financial institutions, banks, and credit unions identify cybersecurity risks and determine their
preparedness. The CAT is also useful for non-depository institutions and other small companies. The
second step should be to implement defensive measures, such as installing antivirus software, updating
systems and applications, encrypting data, using strong passwords, and educating employees on
cybersecurity best practices. Finally, the third step should be to buy cyber insurance that can cover the
costs and damages of cyber incidents that may still occur despite your best efforts.

Choosing the Right Cyber Insurance Policy

Cyber insurance is essential for businesses to cover the costs and damages of cyber incidents, but it is
not easy to obtain. Different policies have different terms and conditions, such as coverages, exclusions,
limits, deductibles, and premiums. These can make buying cyber insurance a complex and challenging
process. When choosing a policy, it is important to review existing business policies, understand the
volume of sensitive data, reduce risk where possible, and carefully read the policy to ensure adequate
coverage. That is why you need a cyber expert on your side while buying cyber insurance.

A cyber expert can help you understand the contract language, compare different policies and options,
and choose optimal coverage tailored to your needs. You don’t want to end up with an insurance agent
who only cares about lowering the budget and selling you a cheap insurance policy that you keep paying
for, but when there is a cyberattack, the insurance proves useless due to policy exclusion or other
conditions that you or your agent were not aware of. You want to buy cyber insurance that gives you the
best value for your money and the best protection for your business.

That is why you should trust OnPoint Insurance Services, a trusted and reputable consultation company
that provides outstanding service and has a team of experienced insurance professionals. OnPoint
Insurance Group is an independent agency that works with over 150 insurance companies to provide
customized and affordable solutions for first-party cyber insurance and cyber liability insurance. Its
mission is to deliver quality and honesty to its customers and to help them protect their assets. OnPoint
Insurance Group also offers 24/7 service, online quotes, and easy switching options for its customers.
For your free business evaluation and quotes, visit their website and get a free quote today.

Cyber Defense eMagazine – January 2024 Edition 93
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