Cybersecurity insurance is a must for today’s businesses, especially with the continued increase of cyberattacks and ransomware incidents across industries. Cyber insurance can help cover the costs associated with a breach, including legal fees as a result of privacy violations, the recovery of compromised data, the repair of damaged systems, reimbursement for cost and opportunity loss, and the notification of customers about the breach. However, an organization’s lack of security measures can make it difficult to obtain quality insurance. Here are some ways you can improve your security stack to qualify for coverage.
What Is a Security Tech Stack?
A security tech stack is the set of tools and technology an organization uses to protect and secure their employees, clients, data, and infrastructure from threats.
Every tech stack looks different for each organization. Factors such as size, industry, security needs, risk tolerance, and budget will influence how a business builds their stack. However, there are a few basic components every organization should have within their stack:
- A firewall - protects the perimeter of a network or system.
- Antivirus software - protects business endpoints from viruses.
- Email security - defends employee email accounts from vulnerabilities and threats.
- Threat detection software - visibility and monitoring that alerts organizations to a potential threat, like managed detection and response (MDR).
- Multi-factor authentication (MFA) - a common requirement for cyber insurance that limits network access by requiring users to verify their identity through several methods.
Implementing stronger cybersecurity practices and improving your tech stack will make it easier for your business to obtain the insurance coverage it needs.
How To Improve Your Tech Stack
1. Implement MFA
It is key that you implement multi-factor authentication (MFA) across the organization. It will enhance your security by requiring users to identify themselves with more than just a username and password, which can be stolen by third parties. MFA limits access to your networks to authorized users only by verifying their identity through several methods, like their fingerprint, a push notification to a paired device, and more.
2. Continuous monitoring
Continuous monitoring is maintaining constant awareness and alerting on information security and vulnerabilities 24x7x365 to manage risks. Tech stacks are not meant to be “set it and forget it.” Maximum visibility allows your organization to adjust the stack over time, improving security and circumventing threats. While simply implementing monitoring tools are important, these tools are useless if no one is watching them to receive and address the security alerts they report.
3. Endpoint tools
Endpoint detection and response (EDR) tools are solutions dedicated to tracking, monitoring, and managing endpoint devices used by your organization. Endpoints are a major vulnerability, especially with remote workers accessing public WIFI that contains dangerous malware.
4. Cloud visibility
Cloud environments are complex, and you can’t protect what you can’t see. Increased visibility into a cloud environment provides a detailed view of all activity and helps address performance trouble and security threats. Cloud visibility can be achieved through implementing a network monitoring tool, a security information event management (SIEM) tool, or a security orchestration automation response (SOAR) tool.
5. Prepare employees
While a robust tech stack is important, employees are the first line of defense when it comes to keeping your organization secure. Employees are what is known as the “human element” when evaluating risks to your company. No matter how many tools you put in place, a well-crafted phishing email can target your employees, allowing this human element to harm your systems, without any malicious intent on the part of the employee. This is why it is key to invest in security training to help your employees stay vigilant and aware of threats.
6. Outsource your IT needs
Consider a managed service provider for your business and security needs. An outside provider, like an MSP, MSSP, or XSP, can act as a partner to your IT team and enhance your organization’s ability to monitor, detect, and respond to threats.
Entara is here to support your organization by providing innovative cybersecurity and IT solutions. From security awareness training to backup services to infrastructure monitoring to IR retainers, you can count on us to protect your organization from cyber threats. Contact us to learn more about how Entara can support your work to qualify for cyber insurance. If you are not sure where to start, check out our list of common questions asked by cyber insurers.