Blog

Will Your Organization be Insurable in 2023?

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

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 ​
• 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.