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Will Your Organization be Insurable in 2023?

posted by TrueNorth Risk Management on Wednesday, October 26, 2022

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Cybersecurity is more than an insurance issue or an IT issue. It’s the most dynamic business problem organizations are tasked with solving today.

A misstep within your organization's management of the overwhelming number of cyber threats, cyber vendors, insurance underwriting requirements, or regulatory requirements can have a severe impact on your balance sheet. 

Protecting your company requires a holistic approach - it requires Cyber Resiliency.

Our cyber team at TrueNorth combines the expertise of an insurance agent with the knowledge and resources of a cybersecurity firm to help your company strategically transfer cyber risk, reduce the likelihood of a breach, and strengthen post-breach resilience, in an effort to reduce reducing your total cost of risk.

So what's driving claims?

  • Your people. The human element is responsible for 82% of breaches 
  • Ransomware. There is a continued upward trend: 25% increase over the last 5 years ‚Äč
  • How does ransomware get in?
    • Desktop sharing software
    • Email
    • Web applications
    • Direct install 

Top 3 paths used in a security incident: 

  1. Stolen credentials
  2. Social engineering
  3. System vulnerabilities

What can you do?

  • Assess and evaluate your organization's cybersecurity
  • Ensure best-in-class security controls are in place
  • Determine the proper method of risk transfer
  • Incident response planning 
  • continuously monitor & improve 

Our webinar dives deeper into the history of cyber attacks, and how to prepare your business to become more cyber-resilient. Interested in watching?

Drop your email below to receive a copy. 

 

About Author



In addition to helpful weekly guidance on home and auto, TrueNorth provides a number of insurance options to protect your family from risk. For information on a home or auto quote, visit www.iTrueNorth.com or call us at (319) 739-1277. We'd like nothing more than to help safeguard the things that matter most to you. 



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