With the advancement of digitalization and cloud computing in this modern age, no business, irrespective of its scale or type, can escape being haunted by cyber threats. As the variety of cyber threats keeps evolving, the more important active measures become in safeguarding a company’s digital assets. The purpose here is well served by cyber insurance. Today, we’ll go through the domain of a new-age tool called Silverfort, which accelerates the world of cyber insurance. We will discuss the benefits of cyber insurance for 2023, prerequisites, and how Silverfort’s multi-factor authentication (MFA) product can enhance your cyber insurance proposition.
Decoding Cyber Insurance
What exactly is cyber insurance?
It is also called cyber liability or cybersecurity insurance and is designed to protect companies against damages resulting from cyber attacks or data losses (known as cyber extortion). These policies often pay for things like legal fees, breach investigation fees, data recovery or credit monitoring services, identity theft insurance coverage, etc. With data breaches capable of causing massive financial losses and devastating an organization’s reputation, businesses must seriously consider investing in cyber coverage as quickly as possible.
Why Cyber Insurance Matters
Since technology evolves at such a fast clip, cybercriminals don’t settle into one pattern. For instance, ransomware has become much smarter (and more prolific), causing financial pain. When you combine that with remote working becoming a growing trend, along with what often turns out to be convoluted IT infrastructure, businesses are leaving themselves open to digital attacks. In an environment like this, cyber insurance isn’t just a nice thing to have; it’s essential.
Cyber Insurance Mandates for 2023
Cyber Challenges Continue: 2023 Cyber Coverage Criteria Changing for Insurers These changes align with the cyclical nature of security risk and the demand for better security practices. Key 2023 criteria include:
MFA Implementation: For 2023, the solid foundation of any cyber insurance policy is implementing robust MFA.
Holistic Identity Safeguard: This approach includes not only application user profiles but also service accounts and any other elevated privilege accounts that might grant an attacker a foothold to carry out more sinister attacks. This entire protection reduces the dangers of identification fraud.
Solid Network Defense: As networks have become the preferred target of cyber-hacktivists, insurance companies can demand tough hardware firewalls and network layer defenses like intrusion detection systems to be installed, along with routine vulnerability scanning for all devices and applications connected to the network.
Remote Email Access Oversight: Monitoring remote workers’ corporate email access has become essential. Insurers may request strict email authentication checks to prevent unauthorized access and avoid phishing risks.
Directory Security: Services such as active directories are common targets for hackers to misuse. Stronger protection—such as strong access control lists and continuous monitoring—will likely be required next year, too.
Command-Line Protocols: So, for any group that uses command-line tools, these strict access and audit policies may be essential as we advance as required in their next insurance policy.
Silverfort: Enhancing Cyber Coverage
After shining a spotlight on the upcoming year’s cyber insurance trends, let’s focus now on Silverfort and how it can enhance your existing defenses.
Introducing Silverfort
Silverfort is one of the cybersecurity sector’s most distinguished identity and access protection solutions, with its MFA solution at the tip of its capabilities and surpassing traditional MFA methods to secure various access utilities, including those that can inherently be MFA.
Silverfort’s Modus Operandi
In doing so, Silverfort analyzes user activity and assesses its threat level for each attempt at entry. By including images in the content, you can convey your ideas or thoughts clearly and creatively.
Silverfort’s Role in Cyber Insurance
Aligning with MFA Norms: With this solution in place, we could be on time for your arrival at around 4:15 pm.
Complete Identity Defense: Silverfort brings full identity protection—wrapping user, service, C2C, and CommandLine profiles all in one product!
Infrastructure Safeguard: Silverfort increases the effectiveness of your security by verifying the authenticity of login credentials. It plays well with firewalls and perimeter protection systems, hardening your network.
Remote Email Controls: Silverfort enables granular controls for remote email access and minimizes the risk of breaches.
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