Over the past couple of years, cyber insurance requirements have changed
dramatically, and a lot of optometry practices are scrambling to figure out
what they need.
As it turns out, ransomware attacks and data breaches have skyrocketed.
This means cyber insurance companies are likely paying millions of claims. To
mitigate the issue, they are making sure practices have more than just basic
cybersecurity in place to meet their requirements.
Why Cyber Insurance Requirements Change
Insurance companies are doing actual security assessments. They're
asking detailed questions about your IT infrastructure, and they're declining
coverage or charging significantly higher premiums if you don't meet their
requirements.
The reason is simple: ransomware became an epidemic.
What Many Insurers Require
Requirements vary by insurer, but many of them require the following:
- Multi-Factor Authentication (MFA): Almost every insurer requires MFA on all remote access and administrative accounts. That means you need something beyond just a password, such as a code from your phone.
- Regular Backups: Insurers want to know you can recover your data if you get hit with ransomware. So, now they require tested backups that are kept offline or in immutable storage.
- Email Security: Since most ransomware gets in through phishing emails, having advanced email filtering is non-negotiable for most insurers.
- Endpoint Protection: Your practice needs more than free antivirus, such as endpoint detection on all computers.
- Security Awareness Training: Most insurers want to see documentation of regular training for employees on how to spot phishing attempts and other threats.
- Patch Management: Attackers love exploiting known vulnerabilities, so keeping systems updated with security patches is required.
Incident Response
Plan: You must have a documented plan for what to do if you get hit with a
cyberattack. Who do you call? How do you contain
the damage? How do you notify affected parties?
What Happens If You Don't Meet
Requirements
Pay significantly higher premiums.
Insurers will cover you, but you'll be paying more
for your premiums each month for being considered "high risk."
Accept major coverage limitations. Limitations
on coverage mean you will still have cyber insurance, but there are big
exceptions to it, such as lower coverage limits, higher deductibles, and
exclusions for certain types of attacks.
Be declined coverage. Some insurers are
just walking away from practices that don't meet basic requirements. They've
decided it's not worth the risk.
How to Meet Cyber Insurance Requirements
The best way to ensure you meet the basic requirements is to work with a
professional managed IT provider. They should understand exactly what your
insurance policy requires and can set it up for you.
Start with an assessment. Figure out what you
already have in place, what's missing, and document it properly. Most are
further along than they think.
Prioritize MFA and backups. These are the two
non-negotiables for almost every insurer.
Document everything. Insurers want proof.
Keep records of security training, backup tests, and patch schedules.
Documentation is key.
Test regularly. Having a backup
system that doesn't work is worse than not having one at all. Test your
backups. Test your incident response plan.
IT4Eyes Approach to Cyber Insurance
Requirements
There's no way around it: meeting insurance requirements costs money.
But we know that budgets can be tight when it comes to running an optometry
practice. IT4Eyes offers cybersecurity options that fit your needs, so you
aren't paying for tools and services you don't need.
A cyber-attack can cost you more in the end than you might think. So,
with the rise of ransomware, phishing attempts, and data breaches, make sure
you pick the right protection for your practice.
What you need to know about cyber
insurance
Cyber insurance requirements aren't going away. If anything, they're
getting stricter. The practices that treat this as an opportunity to improve
their security are the ones that'll remain protected.
If you're dealing with cyber insurance requirements and are not sure
where you stand, we can help.
Click Here or give us a call at 435-313-8132 to Book a FREE 10-Minute Conversation
