company’s reputation, as well as the threat that any one attack could give way to future vulnerabilities as well. Cyber insurance can help to alleviate some of the above but is hardly a catch-all option. It also offers virtually no coverage against some of the latter concerns. Still, some form of insurance is far better than none. Delinea also outlined a series of suggestions for customer that are considering cyber insurance Establish a Team. It can be helpful to create an insurance-focused team to handle most aspects of procurement, policy management and, if necessary, cash-in. But what types of assistance are most helpful? Thirty percent of those questioned by Delinea believe that turning to full outsourcing is ideal, in that it frees up internal processes to focus on more business-critical matters. At the same time, an internal team can also function in an effective capacity, provided that it pulls from the proper departments. Key recommendations for this team include representation from internal IT (more than 50 percent), internal security (nearly 40 percent), the executive board (more than 30 percent) and reps from finance or legal departments (less than 30 percent, each). Meeting insurer’s requirements. Noncompliance can cut down on – or potentially even erase – your ultimate payout when you need it. The question is, how are companies meeting stringent privileged access management (PAM) mandates as stated on their insurance applications? Delinea noted that over 40 percent of vendors either (a) had the actual, needed technology asset in place or (b) were able to acquire it on an as-needed basis. Slightly more troublingly, about one-third of those surveyed had proper on-premises capabilities but lacked the adequate coverage they needed for cloud-based deployments. Most alarmingly, however, was the almost quarter of business respondents who found themselves utterly unable to meet those PAM requirements. Complementing coverage with proper controls. In most cases, the most effective use of an insurance policy is the prevention of ever having to use it. Delinea noted the use of certain, commonly employed security technologies that are designed to maintain the integrity of your critical network operations. Among those most-commonly turnedto options are multi-factor authentication (63 percent), two-factor authentication (17 percent), frequently changed passwords and other sound practices (11 percent) and secure keys (one percent). Sure, the tech landscape is in constant flux, meaning that the new, technologically developed opportunities for emerging forms of cybercrime are always changing as well. Despite this fact, some of these tried-and-true measures are proven effective in at least helping to prevent a catastrophic cyber insurance claim. And for almost every company – prevention is the best policy that you can buy into. o Why did we partner with Cradlepoint? • Day-1 connectivity • Failover management for branch continuity • A true hybrid redundant solution Watch our on-demand webinar at: GoBlackfoot.com/Cradlepoint 35 JANUARY - FEBRUARY 2023 | CHANNELV ISION
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