3 Ways to Improve Cybersecurity Resilience

New Limit Partnership with MOXFIVE

Limit is excited to partner with MOXFIVE to discuss current issues in cybersecurity based on in-depth research and market knowledge. MOXFIVE is a specialized technical advisory firm founded to bring clarity to the complexity of cyber attacks and to help minimize their impact on business operations. With deep roots in incident response and cyber insurance, MOXFIVE’s security experts provide the technical and business expertise required to infuse knowledge, predictability, and integrity into the response process.

Workplace tools have come a long way in recent years. From remote work to artificial intelligence, the systems utilized by insureds are rapidly evolving – and so are the risks. In this article, we will explore 3 basic measures insureds can take to protect their assets from common cyber attacks.

1. Implement Endpoint Detection & Response (EDR)

Endpoint Detection and Response (EDR) is a security solution that is designed to detect, investigate, and respond to security incidents on endpoint devices, such as laptops, servers, and mobile devices. EDR solutions can detect a wide range of security threats, including malware, advanced persistent threats (APTs), and unauthorized access attempts, and can also provide incident response capabilities, such as the ability to isolate or quarantine compromised devices.

Endpoint protection is important for companies seeking cyber insurance because it helps to prevent data breaches and cyber attacks, which can lead to significant financial losses. Cyber insurance policies often require companies to have certain security measures in place, including endpoint protection, in order to qualify for coverage and to ensure that the risk of a cyber incident is minimized. Having an EDR solution in place can also demonstrate to the insurer that the company is taking the necessary steps to protect its assets, which can result in lower insurance premiums.

Is your insured seeking a robust EDR solution? Be sure to check out Limit’s Cyber Marketplace for the latest in risk-reducing cyber security capabilities.

2. Require Multi-Factor Authentication (MFA)

Multi-factor authentication (MFA) is a security protocol that requires users to provide multiple forms of identification to gain access to a system, service or application. MFA is designed to make it much more difficult for unauthorized users to gain access by requiring them to provide multiple types of authentication in addition to a password.

The most common type of MFA requires a combination of private information (such as a password), a secondary device (such as a phone or security token), and/or a physical input that can be provided by the user (such as a fingerprint or facial recognition). This multi-layered approach to authentication makes it much more difficult for attackers to gain access to a system, even if they have obtained a user's password.

Like EDR, MFA is often a non-negotiable requirement held by insurance carriers. This is due to the fact that many people use the same password for many accounts. As a result, passwords that have been compromised in previous attacks can be easily used by a cyber criminal to gain entry into or escalate their level of access on company-owned networks. According to MOXFIVE, insureds should verify that MFA is actively protecting user accounts such as email and virtual private network (VPN) accounts, as these are common targets for adversaries.

3. Perform and Store Regular Backups

Storing regular backups are an important part of a comprehensive cyber security strategy, and they are essential for protecting against data loss, ensuring compliance and minimizing operational downtime in case of a cyber incident. It is important that every business understands the type of data they have, where it’s located, and what its value is to the business so they can build a comprehensive backup strategy. For critical servers and high priority data, MOXFIVE recommends utilizing the 3–2–1 rule, which means three copies of the data, on two distinct forms of media, and one offline or offsite backup.

Your clients should store regular backups for several reasons:

1. Data Recovery: Backups provide a way to restore business operations to a previous state in the event of data loss or corruption caused by a cyber attack, such as a ransomware attack.
2. Compliance: Many regulations require businesses to maintain regular backups of their data and not having them can result in penalties or fines.
3. Protection against human error: Backups can help to protect against data loss that may occur as a result of human error, such as accidental deletion of data.
4. Demonstrating Due Diligence: Having regular backups and a disaster recovery plan in place is one of the ways that a company can demonstrate to its insurer that it has taken the necessary steps to protect its assets and is less likely to result in high insurance premiums.

Importantly, backups are vital for businesses seeking cyber insurance as they help prevent data breaches and attacks that may lead to costly financial losses. Storing backups shows insurers that a business is engaged in proactive asset protection, potentially resulting in lower premiums for the insured.

No matter how much technology evolves, the need to reduce risks is constant. In response, Limit and MOXFIVE have teamed up to provide brokers and their insureds with leading incident response tools designed to minimize the business impact of cyber attacks. Interested parties can visit https://www.moxfive.com/ to learn more about protecting their most important assets.

The Limit Perspective

Limit is a digitally-native wholesale insurance broker working on behalf of retailers in multiple lines of insurance and across the United States. Our platform allows clients to:

• Obtain instant quotes from top cyber insurers
• Find up to $3M in Insurance coverage automatically
• Receive a policy with customizable and comprehensive coverage
• 24/7 support

Limit is building a lean, tech-enabled business that can efficiently deliver insurance policies which are tailored to the needs of individual clients. We have taken some of the first steps to revolutionizing the industry and welcome you to learn more on our website: www.limit.com

Please reach out and connect with us and our representatives on LinkedIn as well.