News & Insights

Important Cyber Insurance Update

WhiteHawk Inc.

Important Cyber Insurance Update

We have been partnered with Clarke and Sampson for several years, in order to enable Small and Mid-Sized businesses to both advance their Cyber Resilience via our online Customer Journey and to obtain Cyber Insurance coverage that both meets their needs and budget. After all, no matter how resilient you become, you can always have a disruptive event and having the resources to efficiently deal with it is always important. Just as you can be a very safe and secure driver and still be in a car accident.

If you've seen news headlines in the last six months, you may already be aware of the dramatic rise of cyber-attacks on small businesses. Cyber insurance providers are taking significant steps to combat the issue. Insurance companies are increasing underwriting requirements for cyber insurance, and we want to keep you informed so you can take action to reduce your insurance cost and risk of a cyber incident.

Though requirements vary depending on the carrier, new AND existing cyber insurance policies will be impacted and meeting these requirements will likely include changes in process and the addition of new technology tools and management. Some examples of changes we are seeing include:

• Multi-Factor Authentication

• VPN Connections for Remote Access

• Annual Cyber Security Training for all Employees

• EDR (Endpoint Detection & Response) Required on all Devices

• Critical Patches and Updates completed within 60 days of release

• Regular Backups of Data

If you don't have these security features in place, we recommend you consult your IT services provider. Doing so early could help ensure your ability to renew your cyber insurance. We are here as a resource. If you have any questions about cyber insurance, underwriting guidelines, cost considerations, etc. we are here to help. You may contact your Clarke & Sampson agent.

Scott Jefferson

(703) 683-6601

[email protected]

Clarke & Sampson, Inc.

228 S. Washington Street

Alexandria, VA 22314