According to Fitch Ratings, cyber insurance is the fastest-growing segment of the U.S. property/casualty insurance market. However, claims and payouts have jumped along with that growth, giving insurers a reason to be more exacting in what they expect from policyholders.
The growth and sophistication of the cyber landscape have changed the cyber insurance process, and companies looking to qualify for reasonable rates need a substantial burden of proof. They must demonstrate to insurers that they have robust security controls and are complying with cybersecurity mandates. While there are multiple methods for demonstrating robust security controls, one area is Penetration (Pen) Testing.
What is a Pen Test?
A Penetration Test (Pen Test) is like having a security checkup for your business's digital systems. Just as you might have a doctor check your health to catch any potential issues before they become serious, pen testing checks your computer networks for vulnerabilities that hackers could exploit. Overall, pen testing helps you understand your security posture better and ensures that your business is better prepared to defend against cyber threats. Here's how it works:
- Identifying Weaknesses: Pen testers, who are essentially ethical hackers, simulate real-world attacks to identify weaknesses in your systems. They use a variety of tools and techniques to find potential entry points that malicious hackers could use.
- Testing Security Measures: They'll test your security measures like firewalls, encryption methods, access controls, and more to see if they hold up against potential attacks.
- Providing Solutions: Once they've identified vulnerabilities, they provide recommendations on how to fix them. This might include software updates, changes to configurations, or improvements to security policies.
- Preventing Breaches: By finding and fixing these weaknesses before hackers can exploit them, you're essentially strengthening your defenses and reducing the risk of a costly data breach or other cyber attack.
How Does it Effect Insurance?
Cyber Insurers are evaluating an organization’s security risk profile, which checks for regular penetration testing and vulnerability scanning. They routinely request penetration test reports to evaluate and document security controls. Providing allows access to a larger range of insurance providers at the most competitive rates.
Is it Expensive?
We offer affordable Pen Testing for the small business, significantly less than most providers. Contact us today for a complimentary quote and take advantage of our limited time offer of $200 off! Reach out to a member of the Admiral team to take advantage of this limited time offer!
