In the second part of this two-part series, Acronis takes a deep dive into what is and is not covered by cyber insurance and how the right technology can help mitigate your risk. Wondering what is cyber insurance? Click here to read part one of this series.
Although there is a demand for and a trend toward standardizing cyber insurance terminology and policies, the field is still relatively new and unregulated. Today’s policies tend to be highly customized, and what follows below, is a high-level overview of what is typically covered, excluded, or limited by cyber insurance.
First-party cyber insurance covers your own company’s assets in the case of a cybersecurity failure such as a data breach, malware infection, ransomware or other extortion demands, or business email compromise. Typical first-party coverage includes:
Third-party cyber insurance covers the assets of others affected by a cybersecurity breach, most typically your customers or partners. Typical third-party coverage includes:
It is equally important to understand what is excluded from cyber insurance policies, including the grounds on which the insurer may deny claims:
The insurance world is all about risk management, and one of the challenges facing cyber insurance providers is the lack of a reliable cyber risk model. With ransomware payments alone reaching $412 million in 2020, cyber insurance underwriters are rightly concerned about maintaining a profitable balance between premiums collected and claims paid out. There are general pricing considerations such as company size and revenues as well as the level of deductible.
Other more specific factors that affect the cost of cyber insurance premiums are:
As the cost of cybercrime skyrockets, cyber insurance providers are becoming proactive, providing expertise and support to help their customers maintain a robust security posture that prevents attacks. They also encourage their customers to implement IT best practices that promote resilience should an attack take place.
How Acronis helps MSPs and their customers lower cyber insurance costs
Acronis unifies data protection and cybersecurity to deliver integrated, automated cyber protection that solves the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges of the modern digital world. With flexible deployment models that are well-suited to MSPs and their customers, Acronis Cyber Cloud provides superior cyber protection for data, applications, and systems, with innovative next-generation antivirus, backup, disaster recovery, and endpoint protection management solutions.
With award-winning machine intelligence-based anti-malware and blockchain-based data authentication technologies, Acronis is committed to full-cycle security in all environments—from cloud to hybrid to on-premises:
A veteran company whose industry-leading solutions are trusted by 500,000 companies including all of the Fortune 1000, Acronis’ proven ability to prevent attacks is recognized by cyber insurers as a risk mitigator. In addition, Acronis’ tamper-proof backup solution supports quick recovery should an attack occur, which translates into fewer and lower claims. In short, deploying Acronis can lower the cost and maintain the stability of cyber insurance premiums.
This content was originally published here.