Don’t wait to renew or secure a cyber insurance policy for your franchise or small business! Here’s why: 

 

Prices are increasing. Savvy business owners are locking in plans at current pricing. They know that when, not if, attacks happen, they need to have protections in place. Cyber insurance policies are becoming scarce and prices are skyrocketing. Annual revenue, the number of end users, personal identifying information and the state of the industry are all factors currently affecting price and availability. 

It’s becoming increasingly difficult to secure cyber insurance policies. Cyberattacks are becoming more common and more complex. As such, insurance providers are developing stricter terms, more stringent policies and limiting access. 

Cyber insurance policy requirements are convoluted and complex. When shopping for a policy, ask these four questions of potential providers:

1. 1. Do you have a data privacy officer?
   2. Who is managing your IT?
   3. Where is the backup?
   4. Are you using the cloud?

And, ensure that these six cybersecurity requirements are included in a potential cyber insurance policy:

• MFA on everything
• Encryption on emails
• Endpoint protection – Antivirus or Endpoint Detection and Response (EDR)
• IT and cybersecurity are monitored and managed by a professional 
• Email filter in place
• Offsite backups (3, 2, 1 rule) 

Missing one of these critical components can impact your policy price, or worse, get your policy denied. Adhering to these cybersecurity best practices will help your franchise or small business stay at the forefront of the ever-changing technology landscape. 

Cybersecurity Insights: Best Practices & Awareness Tips for 2023

Claims are being denied. Avoid claim denial by sidestepping these four pitfalls: 

1. Ensure your business meets the insurance company’s prevention practices
2. Document all of your company’s preventative measures
3. Conduct regular cyber insurance compliance audits to avoid accidental errors and omissions, which can be costly and precarious 
4. Verify that coverage extends beyond the interruption timeframe  

Cut through all of the cyber insurance red tape by working with a trusted cybersecurity partner and consultative advisor like Maven IT. A multi-layered approach is still the best approach to cybersecurity. Our new guidebook guides you through the process to ensure you secure the best possible cyber insurance coverage for your business. 

Do you need help securing cyber insurance? 

Let’s talk. We can help with budgets, requirements, compliance audits and more.