Your cyber insurance will only pay out reliably if you actually have the controls you declared on the application. Insurers now expect multi-factor authentication, modern endpoint protection, tested backups, supported and patched software, and staff training, and they can reduce or refuse a claim if those weren’t really in place. The good news is that getting these right protects your business day to day and often lowers your premium too.
Cyber insurance is valuable, but it’s not a substitute for security, and it comes with conditions. Here is what insurers look for and how to make sure you’re genuinely covered.
What insurers now require
- Multi-factor authentication on email, remote access and key systems
- Endpoint detection and response, not just basic antivirus
- Backups that are isolated and regularly tested
- Supported, patched software, which is why running unsupported Windows 10 is now a red flag
- Email filtering and a process to verify payment changes
- Security awareness training for staff
Why claims get refused
The most common reason a cyber claim is reduced or declined is that the business didn’t have a control it said it did, or was running software the insurer no longer accepts. Answering the questionnaire accurately matters, and so does actually maintaining those controls after you’ve signed up.
How to make sure you’re covered
Treat the insurer’s questionnaire as a checklist for good security, and make sure every answer is true today, not just when you first applied. A managed IT partner can put the required controls in place, keep them maintained, and help you complete renewals honestly and confidently.
A real example: evidenced controls
We helped a client become cyber security compliant to meet a customer’s requirements and win a large tender. The same evidenced controls that satisfy a demanding customer are the ones that satisfy an insurer, and that genuinely reduce your risk.
Why businesses choose First Stop IT
First Stop IT has supported businesses since 2002. Our credentials include:
- Cyber Essentials Certified
- IASME Cyber Assurance (Gold)
- NCSC Assured Service Provider (Cyber Advisor for Cyber Essentials)
- Microsoft Partner
- Crown Commercial Service Supplier (G-Cloud)
- Quality Principles Certified
We look after more than 2,000 endpoints across 50 companies, we’ve been named a Top 50 UK MSP for three years running, and we support organisations with 10 to 100 employees across Essex, Hertfordshire and London, including Harlow and Bishop’s Stortford.
Book a free IT and cyber security review
Renewing your cyber insurance? Book a free IT and cyber security review with First Stop IT and we’ll make sure your controls match what you’re declaring.