Cloud Security & How It Impacts Your Insurance Policy

According to a 2023 Cyber Threat Report released by SonicWall, ransomware is up 232% since 2019. For most organizations that fall victim to ransomware incidents, recovering may come at a steep price financially and adversely impact their reputation in the market. Because of this, Cloud Security impacts insurance. Insurance companies are now requiring extensive set-ups before they are willing to protect against an unexpected cyber attack. We know the idea of implementing a cloud security system that fits an insurance company’s standards is a little intimidating and expensive.

However, ACP’s team of experts put together a few must-have security protocols for your cloud set-up to help you out!

How would you build a cloud security to be approved by insurance company?

• Next Gen/Antivirus – Microsoft Defender for Business is an offering for SMB’s at $3 per end user. It is designed to deliver comprehensive security value at a price point that works for your business.
• MFA (Multi-Factor Authentication) – Usernames and passwords are susceptible to be stolen by third parties. Having MFA for all employees enhances your organization’s security by requiring the end-user to identify themselves by more than just a username and password.
• Backups/Disaster Recovery – According to the20, an official member Forbes technology council, “98% of organizations say a single hour of downtime costs over $100,000. 81% of respondents indicated that 60 minutes of downtime costs their business over $300,000. 33% of those enterprises reported that one hour of downtime costs their firms $1-5 million.” Implementing a backup/disaster recovery plan that you can test routinely is arguably going to be your businesses’ most valuable asset.
• Auditing/Logging – Having an automated log analysis is a proactive type of security tactic that allows you to capture details when changes are made to any system. With this, internal teams can identify who was responsible, when it happened, where it took place, and what the outcome of the activity was. This allows companies to monitor data and keep track of potential security breaches or internal misuse of information before it’s too late.
• Access Control/ Incident Response Plan – Implementing an incident response plan like a zero trust security model measures how well security operations can reduce an organization’s risk. With companies adopting hybrid models the need to check that every device is proven trustworthy to be on the network is at an all-time-high.

Now that you know how Cloud Security impacts insurance, partner with a company like ACP to evaluate your cloud security model to create an actionable plan meeting your evolving business needs.

Taking these steps will ease the transition towards creating a successful cloud security environment that insurance companies would approve of all while being cost-effective at the same time. Contact us to talk to one of our experts today.