Cyber Insurers intensify the need for more information prior to renewal, explore what to consider and how Gallagher Cyber Assist could compliment your security measures.

Insurers continue to push greater clarity and information prior to renewal. Multiple proposal forms are required prior to engaging with the insurance market. We would recommend you request these forms from your insurance advisor well in advance of your renewal. This will allow you to complete and return to your insurer well ahead of your renewal date. If their risk appetite has changed and they now require additional security measures to be implemented, this will give you time to make the necessary changes prior to your renewal date.

Multi factor authentication (MFA) became a requirement for all insurer in early 2022. The way MFA is commonly deployed is to have a push notification sent to your device, whereby you confirm it’s you by ticking a box.

As more organisations adopt MFA to protect their organisation, the users having to complete the MFA process are becoming fatigued with the tick box approach. Cyber criminals are aware of this weakness and may start sending tick box push notifications to devices in an attempt to trick the user into thinking their request is a standard MFA push notification.

To combat this we are seeing a rise dynamic codes replace the traditional push tokens for MFA. This is essentially a random generated code that is produced to verify the request was made by you.

An organisation with a more mature outlook to Cyber Risk will have better results when exploring the insurance market for cover. We have seen a hardline approach from the insurance market, if your Cyber Security Measures aren’t at a high level then it is likely you will be unable to obtain cover.

Gallagher Cyber Defence Centre is a collection of tools and services for Gallagher clients who want to take a proactive and continuous approach to managing their cyber risk. It includes access to cyber risk specialists and offensive security technology to help you defend your organisation against cyber incidents. All Gallagher policyholders in any business sector have the opportunity to sign up for this service.

This benefits of this membership include:

  • Vulnerability scanning – of your external boundaries and provide you updates every 14 days.
  • Threat intelligence webinars – we can provide real-time updates on where your organisation needs to be focusing its cyber defence efforts.
  • Secure humans – the biggest contributor to a cyber-incident is human vulnerability. Each month we will host a series of cybersecurity training webinars designed for your employees at all levels of understanding.
  • Dark web scanning – gain access to our technology platforms scanning and monitoring the dark web for mentions or statements about you or your company.
  • Other benefits – including discounted Cyber Essentials prices.

To find out more about Gallagher Cyber Defence Centre, join us on our webinar on Thursday 23rd February at 10:00 am.