Cyber insurance is crucial to a resilient cybersecurity strategy, providing financial protection and risk mitigation in a cyber incident. Its importance magnifies when you realize that the average cost of a data breach for a Canadian business is around CAD 7 million.
However, obtaining cyber insurance is not a one-size-fits-all process. Insurance companies must undergo a thorough cyber insurance readiness test to ensure they meet the criteria and are adequately prepared.
And this readiness tests the employees, their knowledge, awareness, and attitude. If you need cyber insurance, you must start training your employees. In this article, we will provide an overview of how to train for the cyber insurance preparedness test.
The Cyber Insurance Readiness Test: What Insurance Companies Need
When deciding whether to provide coverage to a business, underwriters usually look at a few things.
- Cybersecurity infrastructure and policies
The underwriters first evaluate your infrastructure and the policies you have in place. They will evaluate both on-premise and cloud infrastructure and the policies governing them.
- Data Collection and Management
The type of data you collect and how you manage them is another area insurance carriers look at. A large number of data (and more sensitive data) means you have a high exposure to privacy breaches.
- Access control and privilege management
How access to data is managed is another important consideration. In general, companies are required to follow the Principle of Least Privilege, where users are granted access to information that they need and nothing more.
- Employee awareness
Before offering the coverage, insurance carriers gauge the employee’s knowledge and awareness of several cybersecurity concepts. More knowledgeable employees mean a lower risk of data breaches because human errors drive most cyber incidents.
- Regulatory compliance
A compliant business is always favored over a non-compliant business. Therefore, comply with federal and local cybersecurity laws before seeking cyber insurance.
Training Your Employees for Cyber Insurance Assessment
Employee training is the linchpin of cyber resilience for insurance companies. As employees are often the first line of defense against cyber threats, their awareness, knowledge, and ability to respond effectively are critical.
Below are the areas where you need to offer training to your employees:
- Governance Policies
Cyber risk management starts with data governance policies, which are crucial in managing, protecting, and leveraging an organization’s data assets. Employees who handle data need to adhere to these standards to prevent errors, inconsistencies, and inaccuracies in the data, which could impact decision-making and business operations.
Employees need to understand how to handle and protect sensitive information to prevent data breaches and unauthorized access and ensure compliance with privacy regulations.
Therefore, start with educating your employees on governance policies.
- Phishing and Scamming
Phishing attacks continue to be a prevalent threat vector, making it imperative for insurance companies to conduct regular phishing awareness training. Also, bad actors are coming up with new ways to fool employees and gain access.
Therefore, your training should educate employees on the latest phishing attacks, and how to spot and avoid them.
If you can, implement simulated phishing campaigns to expose employees to realistic phishing scenarios. These exercises help in gauging their ability to recognize and report phishing attempts.
- Social Engineering
Hackers are increasingly turning to social engineering to deceive trained employees. These attacks are psychological in nature, more than technical.
Educate employees on the importance of verifying the identity of individuals requesting sensitive information, especially in scenarios involving financial transactions or access to confidential data. Provide examples of real-world social engineering incidents, illustrating how attackers exploit human psychology to gain unauthorized access.
- Secure Remote Work
Remote work is on the rise, and many tout it to become the norm.
With the rise of remote work, insurance companies must ensure that employees understand and adhere to secure practices outside the traditional office environment.
Emphasize the importance of keeping personal and work devices secure, including regular updates, strong passwords, and using security features like biometrics.
Educate employees on the risks associated with public Wi-Fi and encourage using secure networks or VPNs when connecting to public Wi-Fi.
- Incident Response
Employees should know what to do when a cyber-attack occurs or when they spot one. A well-prepared incident response team is crucial for minimizing the impact of cyber incidents.
Provide guidance on recognizing signs of a potential cyber incident, including unusual network activity, unauthorized access, or suspicious emails. Equip employees with role-specific incident response training based on their responsibilities during a cyber incident.
Being a cyber security company in Edmonton, we cannot stress enough the importance of well-informed team members on cyber risks.
Therefore, we have a training program in place. Enhance your team’s cyber awareness with Tier 3 IT for improved insurance readiness. Contact us today to learn more.
Tier3 IT Solutions – Your Premier IT Support Provider in Edmonton
Looking for top-tier IT support in Edmonton, Alberta? Look no further than Tier3 IT Solutions. As the foremost IT support company in the region, we specialize in delivering tailored solutions designed to address the specific requirements of businesses in Edmonton and beyond. Our seasoned team of technicians is dedicated to providing prompt help desk support and maintaining a proactive stance towards IT management.
At Tier3 IT, we understand the importance of a robust technology infrastructure for your business. That’s why we offer a comprehensive suite of services ranging from network monitoring and cybersecurity to cloud solutions and data backup. With Tier3 IT at your side, rest assured that your technology needs are in capable hands.
Experience unmatched reliability and efficiency with Tier3 IT Solutions. Contact us today to learn more about how we can elevate your IT experience in Edmonton and propel your business forward.
