How managed services can help your organisation become more cyber resilient.
In my last post, I highlighted what organisations can and should do to improve their cyber resilience. Not only will this help them obtain cyber insurance, but it will also help them retain it as well.
Another way to improve your ability to meet cyber insurers’ qualification standards is to leverage outside help through managed service provider (MSP) partnerships. Increasingly, insurers look favourably upon organisations that partner with MSPs specializing in cybersecurity, backup, recovery, and IT security services. In addition, the global shortage in cybersecurity professionals is making it much more difficult to hire this talent in house, so leveraging the help of outside professionals is nearly imperative.
Managing both operational and cyber resilience can be a daunting task, especially for smaller organisations with limited resources. This is where MSPs come into play. MSPs are third-party companies that specialize in providing IT services, including cybersecurity and operational resilience.
The Role of MSPs in Maintaining Cyber Insurance
MSPs can be instrumental in helping your organisation meet the stringent requirements of cyber insurance. Through our collaboration and learning, here’s how we understand an MSP can make the process easier:
Expertise: Specialising in cybersecurity and data protection. They have the knowledge and experience to assess your organisation’s vulnerabilities, implement security measures, and ensure compliance with industry standards and regulations.
Proactive Monitoring: 24x7x365 monitoring of your IT infrastructure, identifying, and mitigating potential threats before they become major issues. This proactive approach can reduce the likelihood of a breach and impress insurers.
Data Backup and Recovery: Cyber insurance often requires robust data backup and recovery capabilities. MSPs can set up and manage secure backup systems to ensure quick data restoration in case of a breach or data loss event.
Incident Response: MSPs can help you develop and implement a well-defined incident response plan, which is a critical requirement for many cyber insurance policies. They can also assist in managing the aftermath of an incident, minimizing downtime and financial losses.
Security Updates and Patch Management: Keeping software and systems up to date is essential for security. MSPs can handle patch management, ensuring that your organisation’s technology is protected against known vulnerabilities.
Employee Training: MSPs can facilitate cybersecurity training for your staff, helping you meet insurance requirements related to employee education.
Documentation: Maintaining detailed records of security measures, incident response plans, and security audits is crucial for insurers. MSPs can help you create and maintain these records efficiently.
The Role of DR Solutions in Cyber Recovery Planning and Resilience
One such aspect which has become an even more essential component to a comprehensive cybersecurity strategy is backup and recovery, it has even greater importance in the context of cyber insurance which cannot be overstated. Here’s why backup and recovery are so critical:
Mitigating Financial Losses: Cyber insurance is designed to help organisations recover financially from cyber incidents. Having robust backup and recovery procedures in place can minimize data loss and downtime, reducing the financial impact of a cyberattack. Insurers often consider the effectiveness of these procedures when underwriting policies and determining premiums.
Meeting Policy Requirements: Many cyber insurance policies require organisations to have specific cybersecurity measures in place, including backup and recovery processes. Failure to meet these requirements can result in coverage disputes or even denied claims in the event of a cyber incident.
Reducing Recovery Time: Quick recovery is crucial when dealing with cyber incidents. Efficient backup and recovery processes can significantly reduce downtime and help an organisation resume normal operations faster. This can translate into cost savings and mitigate the reputational damage associated with extended outages.
Data Protection and Privacy Compliance: Backup and recovery processes also play a role in compliance with data protection and privacy regulations (e.g., GDPR, CCPA). Ensuring that data is securely backed up and can be recovered in the event of a breach helps organisations meet their legal obligations.
Reputation Management: A cyber incident can damage an organisation’s reputation. If customers or clients perceive that their data is not adequately protected or that the organisation is unable to recover from an attack, their trust can be eroded. Effective backup and recovery demonstrates a commitment to data protection and resilience.
Negotiating Premiums and Coverage: When obtaining cyber insurance, organisations are often asked to provide details about their cybersecurity measures. Having robust backup and recovery processes can be seen as a risk mitigation factor and may help in negotiating more favourable insurance terms and lower premiums.
Demonstrating Due Diligence: In the event of a claim, insurers may investigate whether an organisation exercised due diligence in safeguarding its systems and data. Implementing proper backup and recovery procedures is considered a best practice and can demonstrate that the organisation took reasonable steps to protect itself.
Incident Response Planning: Backup and recovery are integral components of an incident response plan. Having these processes in place ensures that the organisation can quickly recover from an incident and limit its impact, which is a key aspect of incident response planning that insurers look for when assessing risk.
Organisations that prioritize these processes not only enhance their overall cybersecurity posture but also improve their eligibility for cyber insurance coverage and their ability to recover from cyber incidents effectively.
In today’s interconnected world with an evolving landscape of cyber insurance, it necessitates a proactive and comprehensive approach to operational resilience which is not complete without robust cyber resilience measures. The consequences of a cyberattack or operational disruption can be severe, affecting not only your organisation’s bottom line but also its reputation. Partnering with vendors, like 11:11 Systems, can help alleviate the burden of managing cyber and operational resilience, ensuring that your organisation remains agile and resilient in the face of ever-evolving threats. By recognizing the importance of cyber resilience and seeking expert assistance, businesses can navigate the digital landscape with confidence and security.