NEWS > September 2023
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Netwrix Survey: Half of Organizations with Cyber Insurance Implemented Additional Security Measures to Qualify for the Policy or Reduce Its Cost September 26, 2023 - Netwrix, a cybersecurity vendor that makes data security easy, surveyed more than 1,600 IT and security professionals worldwide to reveal how their organizations reduce the financial impact of a data breach via a cyber insurance policy. According to the survey, 44% of organizations are insured and 15% plan to purchase a policy within the next 12 months. Before being offered a policy, organizations typically need to go through a security audit by the prospective insurer. The insurer's audit will highlight security gaps in the IT ecosystem and provide recommendations on how to overcome them. In some cases, implementing additional security controls is mandatory to even qualify for a policy. In addition, some organizations choose to invest in more security measures because it reduces the cost of the insurance policy. We asked respondents what requirements they had to meet in order to qualify for a policy. The most requested measure was multifactor authentication (MFA), named by 63%, followed by patch management (55%) and regular security training for business users (47%). In addition, 38% said they had to meet requirements for identity and access management (IAM), while 36% revealed they had to implement privileged access management (PAM) controls. Indeed, according to Gartner® , “Insurers often require organizations to deploy a PAM tool, along with MFA for administrative access, to mitigate the risk of breaches and malware events.”* When addressing the requirements or recommendations from an insurer, it is vital to assess the dependencies between the requested controls. For example, in order to require MFA for access to particular types of data, it is necessary to know where sensitive and regulated data resides, as well as to have control over user and administrative privileges. To learn more about security trends, check out the complete 2023 Hybrid Security Trends Report . Netwrix solutions are available in UK through Simple IT Distribution LTD, Netwrix Partner in UK.
About Simple IT Distribution LTD Simple IT Distribution LTD is backed by 10 years of experience in Value Added IT Distribution. What sets us apart from the crowd is our customer-centric approach, the quality services (consulting, implementation, training, support), and the people behind them, which are experienced and certified proffessionals. We provide sales and technical advice and deliver the solutions that best meed our customers' diverse technology needs. Our partners are hand-picked from the top vendors, and we back up their solutions with certified professionals, to give you nothing but the best. For more information, please visit www.simpleit-distribution.co.uk . |
